The $7,500 tax credit that car shoppers can use for new EV purchases is set to expire at the end of September, according to the tax and spending bill that passed the House of Representatives on Thursday.

President Trump is expected to sign the so-called "big, beautiful bill" in a ceremony on Friday at the White House to coincide with the July 4 holiday.It comes after the House approved the measure on Thursday.

Lawmakers would eliminate a $7,500 tax credit for households that buy or lease new EVs, as well as a $4,000 credit for consumers who purchase used EVs.