return of income tax for a taxable year is filed with the qualified jurisdiction by the recipient of such interest payment under such bond) an amount equal to the total amount of interest paid under such bond during the taxable year. (c) Definitions For purposes of this section— (1) Qualified bond The term qualified bond means a qualified 501(c)(3) bond (as defined in section 145) issued on behalf of a historically Black college or university. (2) Historically Black college or university The term historically Black college or university means a part B institution (as defined in section 322(2) of the Higher Education Act of 1965 ( 20 U.S.C. 1061(2) ). (3) Jurisdiction specified A jurisdiction is specified in this paragraph if the jurisdiction is— (A) a State, territory, or possession of the United States, (B) a political jurisdiction of a State, territory, or possession of the United States, or (C) the District of Columbia. (d) Application of arbitrage rules For purposes of section 148, the yield on a qualified bond shall be reduced by the credit allowed under this section. (e) Regulations The Secretary shall issue such regulations or other guidance as may be necessary to carry out this section. . (b) Conforming amendments (1) Section 1324(b)(2) of title 31, United States Code, is amended by striking or 6431 and inserting 6431, or 6433 . (2) Section 6211(b)(4)(A) of the Internal Revenue Code of 1986 is amended by striking and 6431 and inserting 6431, and 6433 . (3) The table of sections for subchapter B of chapter 65 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item: Sec. 6433. Credit with respect to 501(c)(3) bonds issued on behalf of historically Black colleges and universities. . (c) Effective date The amendments made by this section shall apply to bonds issued after the date of the enactment of this Act.