Senate GOP budget bill scraps EV credits within 180 days

Senate Republicans introduced legislation on Monday that would terminate the US$7,500 federal tax credit for new electric vehicle (EV) purchases within 180 days of enactment, marking a sharp reversal of Biden’s electrification agenda. The proposed bill would immediately end credits for leased EVs manufactured outside North America, while those meeting stringent USMCA requirements around assembly, battery sourcing and mineral content requirements could quality for another 180 days.