; (B) such obligation would have been a qualified bond under section 54AA of such Code (determined without regard to subparagraphs (B) and (C) of subsection (d)(1) and subsection (g)(2)(B) thereof); (C) such obligation is approved under the American Infrastructure Bond program; and (D) the issuer makes an irrevocable election to have this section apply. (2) Applicable rules For purposes of applying paragraph (1)— (A) for purposes of section 149(b) of such Code, an American Infrastructure Bond shall not be treated as federally guaranteed by reason of the subsidy provided under subsection (a); (B) for purposes of section 148 of such Code, the yield on an American Infrastructure Bond shall be determined without regard to the subsidy provided under subsection (a)