Last year, Americans bought a record 1.3 million electric vehicles. It's unclear just how many people took advantage of the EV tax credits—whether through a purchase or a lease—to do that. But that credit, and some outrageously good deals from the automakers, undoubtedly helped a lot of people break up with gasoline.
That party comes to an end next week when the EV tax credit expires under the provisions of President Trump's One Big Beautiful Bill Act. And sooner than expected, too; the credits were originally scheduled to phase out around 2032 as part of the Inflation Reduction Act.
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