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 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 third taxable year following the taxable year in which such receipts are received by the scholarship granting organization. . (2) 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. Scholarship Granting Organizations . 3. Volume cap (a) In general For purposes of sections 25F(g) and 45AA(e) of the Internal Revenue Code of 1986 (as added by this Act), the volume cap applicable with respect to both such sections (in the aggregate) shall be $10,000,000,000 for calendar year 2024 and each subsequent year thereafter. Such amount shall be allocated by the Secretary of the Treasury (or the Secretary’s delegate) as provided in subsection (b), except that— (1) 10 percent of such amount shall be divided evenly among the States, and shall be available with respect to individuals residing in, and corporations created or organized in, such States, and (2) the amount of any allotment to a State under paragraph (1) for any calendar year which is not claimed by taxpayers described in such paragraph during such calendar year shall be added to the allotment provided to such State under such paragraph for the subsequent calendar year. (b) First-Come, first-Serve For purposes of applying the volume cap under this section, such volume cap shall be applied based on a first-come, first-serve basis, as determined based on the date on which the taxpayer made the qualified contribution. (c) Real-Time information For purposes of this section, the Secretary of the Treasury (or the Secretary’s delegate) shall develop a system to track the amount of qualified contributions made