President Donald Trump’s “Big Beautiful Bill” is about to make EVs even more expensive.
On Thursday, the US House of Representatives passed Trump’s tax and spending bill, and in doing so, killed the $7,500 tax credit for new, US-made electric vehicles.
Trump signed the bill into law on Friday, meaning that the tax incentive will end on September 30th.
Auto industry experts have previously warned that removing the $7,500 credit will make EVs even more unaffordable, and there are already signs that some automakers are starting to adjust their prices.
Jeff Bezos-backed EV startup Slate Auto quietly removed the “under $20,000” expected price tag for its upcoming electric pickup truck from its website this week. The company had previously said it expected the customizable pickup to qualify for federal tax incentives.
20 electric and hybrid vehicles currently benefit from the $7,500 tax credit, according to the US Department of Energy’s website — but for buyers looking to snap them up before the discount goes away, there are a couple of important caveats.
For starters, not every version of those vehicles meets the criteria for the tax incentive.
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Some are limited to specific model years and trims. For example, only the 2026 version of the Hyundai IONIQ 9 qualifies for the tax credit.
There is also a max retail price limit of $80,000 for vans, SUVs, and pickups, and $55,000 for all other vehicles.
In addition, the credit is only available to buyers with an adjusted gross income of $150,000 or less, although the limit extends to $300,000 for married couples filing jointly and $225,000 for heads of households.
There is also a separate federal tax credit of up to $4,000 for used EVs and hybrids, which applies to a much wider range of vehicles, but that will also come to an end in September once Trump signs the bill into law.
Every EV that qualifies for the $7,500 tax credit
- Acura ZDX
- Cadillac LYRIQ
- Cadillac OPTIQ
- Cadillac VISTIQ
- Chevrolet Blazer
- Chevrolet Equinox
- Chevrolet Silverado
- Chrysler Pacifica (hybrid)
- Ford F150 Lightning
- Genesis Electrified GV70
- GMC Sierra
- Honda Prologue
- Hyundai IONIQ 5
- Hyundai IONIQ 9
- Jeep Wagoneer S
- Kia EV6
- Kia EV9
- Tesla Cybertruck
- Tesla Model 3
- Tesla Model X
- Tesla Model Y
