The Big Beautiful Bill signed by President Trump terminates the $7,500 EV consumer tax credit effective September 30. Auto industry analysts recommend purchasing an electric vehicle before this incentive ends, especially for those able to afford it. There are remaining tax credits for qualifying used electric vehicles. Certain criteria must be met for the $7,500 incentive, including battery capacity and final assembly location. The credit is divided into parts, one granting $3,750 based on critical minerals or battery components, and the full credit requires both criteria satisfaction.
President Donald Trump signed the Big Beautiful Bill into effect on Friday, which means the $7,500 tax credit under former President Biden's EV initiative will expire on September 30.
If you're in the market for an EV and you're ready to commit to a new car, you should do that, according to Joseph Yoon, a consumer insights analyst.
The federal EV tax credit has two parts with consumers qualifying for a $3,750 credit if the vehicle meets either the critical minerals or battery component requirements.
To qualify for the $7,500 incentive, the vehicle must have a battery capacity of at least 7 kilowatt-hours, a gross vehicle weight rating under 14,000 pounds, and final assembly in North America.
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