Senate Republicans introduced a sweeping tax and budget proposal on Monday that would terminate several federal incentives tied to electric vehicles and clean energy. Under the proposed legislation, the $7,500 federal tax credit for new EV purchases would end 180 days after the bill is signed into law, while the credit for leased EVs manufactured outside North America would end immediately.
The bill, part of President Donald Trump’s broader economic package, also targets the $4,000 tax credit for used EVs, which would expire 90 days after passage. Leased vehicles that meet stringent requirements, such as North American assembly, battery sourcing and mineral content, could still qualify for the $7,500 credit for up to 180 days post-enactment.
Read Article