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.

President 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.

Congress has signed off on a $3.4 trillion legislative package featuring new tax breaks, spending cuts, and more funding for defense and immigration enforcement, delivering President Donald Trump his “big, beautiful bill” despite rumblings from fiscal hawks about the projected $4 trillion it could add to the national debt over the next decade.