"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."
"The short answer to that question is that they were killed by Trump and the Republican-controlled Congress as part of the One Big Beautiful Bill Act's cost cuts. After all, one study by Penn Wharton found that all the clean vehicle provisions in the IRA would cost about $393 billion between 2023 and 2032. That's an easy target when you're trying to cut government spending."
Americans purchased a record 1.3 million electric vehicles last year, aided by tax credits and automaker deals that reduced gasoline dependence. The federal EV tax credit will expire next week under provisions of President Trump's One Big Beautiful Bill Act, accelerating an earlier planned phaseout around 2032 under the Inflation Reduction Act. Policymakers targeted clean vehicle provisions during budget cuts, with one estimate placing IRA clean vehicle costs at about $393 billion between 2023 and 2032. Tax credits initially aimed to spur EV demand, domestic car and battery manufacturing, and competition with China while stricter emissions rules pushed electrification.
Read at InsideEVs
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