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.

Lawmakers would eliminate a $7,500 tax credit for households that buy or lease new EVs, as well as a $4,000 credit for consumers who purchase used EVs.

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.