Reported 1 day ago
A new Republican proposal, known as the 'One Big Beautiful Bill,' is advancing in Congress and threatens to eliminate the electric vehicle (EV) tax credit for both new and used vehicles, potentially taking effect as early as 2025. Originally expanded under President Biden's Inflation Reduction Act in 2022, the credit has been crucial for EV adoption, with 87% of EV shoppers utilizing it in 2024. The Senate's version proposes a faster phase-out compared to the House's plan, raising concerns for prospective EV buyers who may want to act quickly to secure incentives before they disappear.
Source: YAHOO