section 25F(c)) to make distributions in any taxable year in an amount equal to or in excess of the required distribution amount before the distribution deadline relating to a taxable year. (b) Amount of tax The tax imposed by subsection (a) with respect to a taxable year shall be equal to 15 percent of the excess (if any) of— (1) the required distribution amount with respect to the taxable year, over (2) the amount of receipts of the workforce development or apprenticeship training organization for each taxable year which are distributed before the distribution deadline with respect to such receipts. (c) Definitions For purposes of this section— (1) Required distribution amount (A) In general The required distribution amount with respect to a taxable year is the amount equal to 100 percent of the total receipts of the workforce development or apprenticeship training organization for such taxable year— (i) reduced by the sum of such receipts that are retained for administrative expenses for the taxable year or are carried to the succeeding taxable year under subparagraph (C), and (ii) increased by the amount of the carryover under subparagraph (C) from the preceding taxable year. (B) Administrative expenses For purposes of this paragraph, not more than 10 percent of total receipts of a qualified workforce development or apprenticeship training organization for a taxable year may be used for administrative purposes. (C) Carryover Receipts of a qualified workforce development or apprenticeship training organization that are not disbursed for the taxable year or retained for administrative purposes for the taxable year shall be carried to the succeeding taxable year. The amount 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