Senate GOP proposes faster elimination of EV tax credit compared to House-passed megabill

The Senate GOP has proposed a faster deadline for the elimination of federal electric vehicle (EV) tax credits in their version of President Trump's "One Big Beautiful Bill Act."

Under the Senate bill, the deadline for ending the credit would move to September 30 from December 31 in the House version of the so-called megabill, which is a tax-cut and spending package.

Currently, the tax credit on new EV purchases and leases of vehicles $80,000 and under is up to $7,500 and the tax credit on used EVs under $25,000 is up to $4,000.

The House version also allowed automakers who have sold less than 200,000 EVs to continue selling models eligible for the EV tax credit until the end of 2026.

The 940-page Senate version was released publicly late Friday night.