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DETROIT — A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress. But the auto industry is warning that the vast majority of EV purchases won’t qualify for a tax credit that large.

NEW YORK — Major automakers are asking Congress to lift the cap on how many people would be offered tax credits if they buy a hybrid or fully electric vehicles.

WASHINGTON — Legislation that would raise consumer tax credits for electric vehicles to $12,500 for the next five years passed a Senate committee May 26.