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.

A massive tax and spending package championed by President Donald Trump and passed by the Senate on Tuesday would end tax credits for electric vehicles within three months

P resident 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.