carried to the taxable year under the preceding sentence shall not exceed 15 percent of total receipts of the qualified workforce development or apprenticeship training organization for the taxable year. (2) Distributions The term distribution includes amounts which are formally committed but not distributed. A formal commitment described in the preceding sentence may include contributions set aside for eligible students or participants for more than one year. (3) Distribution deadline The distribution deadline with respect to receipts for a taxable year is the first day of the second taxable year following the taxable year in which such receipts are received by the scholarship granting organization. (d) Reasonable cause exception The tax imposed by subsection (a) shall not apply with respect to any failure to make required distributions before the distribution deadline which is not willful and is due to reasonable cause. . (2) Abatement of tax (A) General rule Subsection (b) of section 4962 of such Code is amended by striking or G and inserting G, or I . (B) First tier tax Subsection (a) of section 4963 of such Code is amended by inserting 4969, after 4967, . (C) Taxable event Subsection (c) of section 4963 of such Code is amended by inserting 4969, after 4967, . (3) Correction period Subparagraph (A) of section 4963(e)(2) of such Code is amended by inserting or 4969 after 4942 . (4) Clerical amendment The table of subchapters for chapter 42 of such Code is amended by adding at the end the following new item: Subchapter I. Organizations Providing Workforce Development, Apprenticeship Training, or Scholarships . 4. Organizational autonomy A participating eligible organization or entity under the programs established pursuant to the Education, Workforce, and Apprenticeship Tax Credit Act are autonomous and not agents of the State or Federal Government and therefore— (1) a Federal or State agency may not in any way regulate the program of a participating, entity that accepts a contribution or a scholarship under