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Here's the current US picture, which has shifted significantly since mid-2025:
EV Subsidies — Mostly Gone at the Federal Level
The $7,500 federal tax credit for new EVs no longer exists. Congress eliminated it as part of the "One Big, Beautiful Bill" signed into law on July 4, 2025. The credit expired for vehicles purchased after September 30, 2025. The $4,000 used EV credit was eliminated at the same time.
What's left federally is thin:
A home EV charger installation credit (Section 30C) worth 30% of costs up to $1,000 — but only for buyers in low-income or non-urban census tracts, and it expires June 30, 2026.
A new vehicle loan interest deduction of up to $10,000/year for US-assembled vehicles, running 2025–2028 — this applies to EVs but also any new car.
State-level incentives still exist in places like California, Colorado, and New York, but they vary widely.
Oil & Gas (ICE) Subsidies — Expanded
While EV credits were cut, fossil fuel support actually grew. The US Treasury has identified $35 billion in tax preferences for domestic fossil fuels — including immediate expensing of intangible drilling costs and percentage depletion allowances. On top of that, the 2025 tax reform legislation added nearly $20 billion in further tax breaks for domestic fossil fuel companies.
The key mechanisms:
Percentage depletion: Allows producers to deduct a fixed percentage of gross revenue as capital expenses each year, regardless of how much they've actually invested — one of the three largest subsidies, worth ~$3.3 billion over 2022–2026.
Intangible drilling costs: Immediate expensing of exploration and development costs (~$2.4 billion over the same period).
Structural longevity: Some of these tax subsidies have been on the books for over a century — including a tax break from 1913 allowing companies to write off large amounts of drilling-related expenses. (yale)
Implicit subsidy: Around half of US oil and gas production is estimated to be dependent on subsidies to remain profitable.
The Net Picture in 2026
The policy direction has flipped hard. Federal EV purchase incentives are gone, while fossil fuel tax preferences have expanded. The playing field now tilts more toward ICE than at any point in the past decade. State incentives and the loan interest deduction provide some EV support, but they're a fraction of what existed under the IRA.