; and (C) a bond shall not be treated as an American Infrastructure Bond if the issue price has more than a de minimis amount (determined under rules similar to the rules of section 1273(a)(3) of such Code) of premium over the stated principal amount of the bond. (c) Interest on bonds included in gross income For purposes of the Internal Revenue Code of 1986, interest on any American Infrastructure Bond shall be includible in gross income. (d) Definitions For purposes of this section— (1) Interest payment date The term interest payment date means any date on which the holder of record of the American Infrastructure Bond is entitled to a payment of interest under such bond. (2) Applicable percentage The applicable percentage with respect to the interest subsidy provided for any bond under the American Infrastructure Bond program shall be a percentage recommended by the Executive Committee, reviewed by the risk management committee, and approved by the Board. (e) American Infrastructure Bond program (1) In general Not later than 180 days after the date of the enactment of this Act, the Board, in consultation with the Executive Committee, risk management committee, and the Secretary of the Treasury, shall establish an American Infrastructure Bond program, under which the Board may— (A) approve bond issuances for purposes of this section, and (B) assign an applicable percentage with respect to any bond so approved. (2) Application Issuers may apply for the approval of a bond issuance for purposes of this section, and any such application shall contain such information as the Executive Committee and the risk management committee may require in order to accept or reject an application and to assign an applicable percentage to such bond. (3) Criteria Approval of an application and the applicable percentage subsidy assigned under the program shall be based on the ability of each project to meet the criteria established under section 8(d). (4) Limitations (A) Per bond subsidy The applicable percentage with respect to any