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.

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.

Yesterday, Musk once again took to his social media platform to denounce the budget bill, threatening to form a third political party should it pass and reposting content critical of the GOP spending plan.