Lawmakers would eliminate a $7,500 tax credit for households that buy or lease new EVs, as well as a $4,000 credit for consumers who purchase used EVs.

Yesterday, Musk once again took to his social media platform to denounce the budget bill, threatening to form a third political party should it pass and reposting content critical of the GOP spending plan.

The days of generous federal tax credits for electric vehicles may be numbered, and the countdown is moving faster than expected. Lawmakers in the Senate are now pushing to end the $7,500 tax credit for new EV purchases even earlier than previously proposed, potentially phasing it out by September 30, 2025.