(3) Coordination with section 148 (A) Yield reduced by credit For purposes of section 148, the yield on a broadband infrastructure bond shall be determined by reducing the otherwise effective yield by the amount of the credit allowed to the issuer under this section. (B) Investment during extension period An issue shall not be treated as failing to meet the requirements of section 148 by reason of any investment of available project proceeds during the expenditure period. (4) Rural populations For purposes of this section, the determination of the number of individuals living in rural areas shall be made in consultation with the Secretary of Agriculture. (5) Definitions For purposes of this section— (A) Qualified issuer The term qualified issuer means a State or any political subdivision or instrumentality thereof having authority to issue private activity bonds. (B) State Notwithstanding section 7701(a)(10), the term State only includes the 50 States. (f) Regulations The Secretary may prescribe such regulations and other guidance as may be necessary or appropriate to carry out this section. . (b) Conforming amendments (1) Section 6401(b)(1) of the Internal Revenue Code of 1986 is amended by striking under subparts A, B, D, and G of such part IV and inserting under all subparts of such part IV other than such subpart C . (2) The table of sections for subchapter B of chapter 65 of such Code is amended by inserting after the item related to section 6430 the following new section: Sec. 6431. Credit for broadband infrastructure bonds allowed to issuer. . (c) Gross-Up of payment to issuers in case of sequestration The amount of any payment under section 6431(b) of the Internal Revenue Code of 1986 made after the date of the enactment of this Act to which sequestration applies shall be increased by the amount necessary to preserve the full amount of such payment payable to the issuer before sequestration. For purposes of this subsection, the term sequestration means any reduction in direct spending ordered in