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Senate Republicans want to end the EV tax credit before September 30

The U.S. Senate Republicans released a revised budget and tax bill late Friday that would eliminate the $7,500 credit for new electric vehicles and leases as well as $4,000 credit for used EVs by September 30.

Prior to the new version, the credit would have been terminated 180 days after it was signed into law for new vehicles, 90 days after that for used vehicles. It would also have been terminated immediately for vehicles that were not assembled in North America or those that met other requirements.

The Republicans have targeted EVs in a variety of ways, reversing former president Joe Biden's policies that encouraged the use of electric vehicles and renewable energies to combat climate change and reduce emission.

The House of Representatives' version would extend the $7,500 tax credit for new-EVs through 2025 and 2026, respectively, for automakers who have not sold 200,000 electric vehicles before it is eliminated.

The Senate bill includes a provision that eliminates fines for failure to comply with the requirements.

Corporate Average Fuel Economy rules

In a move designed to make it easier for automakers build gas-powered cars.

The Republican bill exempts auto loan interest from tax for new cars manufactured in the U.S. until 2028. However, it phases out for individuals making more than $100,000 per year.

Senate Republicans

Dropped a bid to make the U.S. Postal

The bill will scrap thousands of electric cars and charging equipment after a decision by the Senate Parliamentarian.

The U.S. The U.S.

President Donald Trump

This month, a resolution was signed

Congress has approved a bill to block California's historic plan to stop selling gasoline-only cars by 2035. This plan was adopted by 11 states, representing one third of the U.S. automobile market. (Reporting and editing by David Shepardson)

(source: Reuters)