Every year, thousands of tourists flow in and out of northern Minnesota. Traditionally, these tourists take advantage of many of the wonderful second homes and cabins in the area - creating jobs in the process. With tax season in full swing, we need to acknowledge the key role the Minnesota Mortgage Interest Deduction plays in making those second homes and cabins available.
The state Mortgage Interest Deduction allows homeowners in Minnesota to deduct the interest paid on their mortgage each year. By lowering the cost of owning a home, the Minnesota Mortgage Interest Deduction provides current and potential homeowners the flexibility they need to invest in a second home or cabin. Simply put, without the state mortgage interest deduction, the cost of owning a home in Minnesota would rise, threatening the housing market that drives our economy. Fewer places to stay will result in fewer tourists, which will result in fewer local jobs.
The Minnesota Mortgage Interest Deduction is doing what good policy should: supporting our local economy and creating jobs. Minnesota policymakers must ensure that any legislative action in St. Paul continues to support and strengthen our communities and economy.
Rep. Josh Heintzeman
District 10A
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Rep. Dale Lueck
District 10B
Sen. Carrie Ruud
District 10
