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 legislation keeps some House provisions, like new Medicaid rules, while making significant changes in other areas, including Medicare and the state and local tax deduction.

WASHINGTON (Reuters) -Republicans who control the U.S. Senate Finance Committee unveiled changes to President Donald Trump's sweeping tax-cut and spending bill on Monday that would make business-related tax breaks permanent while modifying Medicaid reforms and a new federal deduction for state and local taxes.