of eligible students (as such terms are defined in section 25F(c)) is equal to or less than 10 percent, such expenses shall be deemed to be reasonable for purposes of such subparagraph. (C) Carryover With respect to the amount of the total receipts of a scholarship granting organization with respect to any taxable year, an amount not greater than 15 percent of such amount may, at the election of such organization, be carried to the succeeding 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) Allocation (1) 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 shall be $10,000,000,000 for calendar year 2024 and each subsequent year thereafter, with such amount to be allocated as follows: (A) $20,000,000 shall be allocated to each State (as defined in section 7701(a)(10) of the Internal Revenue Code of 1986), with such amount to be made available, in the manner described in subsection (b), for— (i) any individual residing in such State to claim the credit allowed under section 25F of the Internal Revenue Code of 1986 with respect to any qualified contributions (as defined in such section) made by such individual during any taxable year beginning during such calendar year, and (ii) any corporation created or organized in such State to claim the credit