The $7,500 tax credit that car shoppers can use for new EV purchases is set to expire at the end of September, according to the tax and spending bill that passed the House of Representatives on Thursday.

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.

Under the current law, taxpayers can claim the electric vehicle tax credit if they meet specific income and purchase requirements.

Elon Musk slammed the Senate’s latest version of President Donald Trump’s multi-trillion dollar tax bill, warning that the cuts to electric vehicle and other clean energy credits would be “incredibly destructive” to the country.

It is the end of the line for U.S. electric vehicle tax credits. Sweeping tax and budget legislation approved by Congress on Thursday means $7,500 tax credits for buying or leasing new electric vehicles will end on September 30,

The massive tax and spending cut bill that Congress passed Thursday ends federal tax incentives for electric vehicles

Sales are likely to dip below forecasts but not completely bottom out thanks to an array of new models and incentives from states and dealers.

It is the end of the line for US electric vehicle tax credits. Sweeping tax and budget legislation approved by Congress on Thursday means $7,500 tax credits for buying or leasing new electric vehicles will end on Sept.

The budget bill passed by Congress on Thursday pulls the plug on federal tax incentives for electric vehicles.