Senate Republicans on Monday proposed a tax and budget bill that would end the $7,500 tax credit on new electric vehicles 180 days after the measure is signed into law, and it would end a $4,000 used-vehicle EV tax credit 90 days after the bill's approval.

The Senate Finance Committee on Monday released its version of the GOP’s package that calls for enacting sweeping cuts to Medicaid and preventing a multi-trillion dollar tax hike on Americans.