It could be the end of the road soon for a key tax credit that provides up to $7,500 to buyers of electric vehicles — and one forecasting firm is offering an estimate for when it might run out.

As the incoming Trump administration prepares to make aggressive cuts to government spending, one major provision of the landmark Inflation Reduction Act appears to be on the chopping block: the consumer tax credit for purchasing an electric vehicle.

California is prepared to offer state tax rebates for electric vehicle purchases if the incoming Trump administration scuttles the federal EV tax credit, the governor said.

California Governor Gavin Newsom will propose a new version of the state's discontinued Clean Vehicle Rebate Project if the incoming Donald Trump administration scraps the federal tax credit for electric-vehicle purchases,

California will seek to relaunch subsidies of electric vehicles if Republicans in Washington follow through on repealing a $7,500 credit.

Gov. Gavin Newsom of California said he'd restart a rebate program if Trump ended the federal EV tax credit, but Tesla models could be excluded.