The EV tax credit isn’t just one tax credit, but three different EV affordability credits —and, some would say, subsidizing the American industry behind them. In addition to IRS 30D, commonly known as the EV tax credit, the bill includes the Used Clean Vehicle Credit (25E) for used EVs, and the Commercial Clean Vehicle Credit (45W) for fleet EVs.

Two bills were introduced in the Senate that, if enacted, would dramatically increase the price for most electric vehicles. The first bill, sponsored by Sen. John Barrasso (R-Wyo.), would eliminate the $7,500 EV tax credit, while a second one from Sen. Deb Fischer (R-Neb.) would impose a $1,000 tax on the purchase of any new EV.

For years, converting from a gas-powered car to adopting an EV has been a tempting proposition for many drivers out on America's roads. Qualified buyers meeting certain thresholds can get up to $7,500 off certain cars at purchase.