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What was the delayed effective date of IRC Section 409(p)?

delayed effective IRC p section
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What was the delayed effective date of IRC Section 409(p)?

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A.4 For S corporation ESOPs in existence on March 14, 2001, IRC Section 409(p) was effective for plan years beginning after December 31, 2004. This delayed effective date allowed existing S corporations that maintained ESOPs at the time of enactment to come into compliance with IRC Section 409(p). However, IRC Section 409(p) was effective for plan years ending after March 14, 2001, for an ESOP that is established after that date, or if the corporation’s S election was not in effect on that date.

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