Is it better to take $20,000 cash and pay down a home equity line or take out a CD?

Is it better to take $20,000 cash and pay down a tax-deductible home equity line of credit or put that cash in a 1-year CD yielding 5.5% interest? The monthly payments on the home equity $20K would be more than the interest earned but since they are tax deductible, does this make more sense?