President Donald J. Trump has been on a crusade during his second term in office to pass what he has dubbed the "One Big Beautiful Bill," a mega-bill encompassing significant tax and spending changes for the federal government — and as of July 3, that bill is set to have a major impact on future electric vehicle buyers.

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.