Using a HELOC Promotional Rate

[Dave Fahrenwald]

Last year I took out HELOC on my primary residence to fund a land purchase that fell through. It was a promotional rate of .75% with no closing costs so I had to draw the whole thing to get the rate. I parked the money at GS Bank and earned a small spread and repaid the loan in full before the promo expired. The tax laws last year were better for HELOC's which leaves me with a couple questions.

1.  This year would I have to pay taxes on the full amount of interest I recieve because of the new tax law if I repeated the process again?
2.  Is there anything wrong with me doing this again if I borrow at .7% and put in money in a CD for 8 months at 2.86% APY? 

Seems like an easy way to make some cash on my house which doesn't generate any income so I'm probably missing something.