92 STAT. 2792
PUBLIC LAW 95-600—NOV. 6, 1978 employee contributions made to such ESOP for the taxable year, and "(ii) to make such transfers at the times prescribed in subparagraph (C). "(C) TIMES FOR MAKING TRANSFERS.—The aggregate of the
transfers required under subparagraphs (A) and (B) shall be made— "(i) to the extent allocable to that portion of the ESOP credit allowed for the taxable year or allowed as a carryback to a preceding taxable year, not later than 30 days after the due date (including extensions) for filing the return for the taxable year, or "(ii) to the extent allocable to that portion of the ESOP credit which is allowed as a carryover in a succeeding taxable year, not later than 30 days after the due date (including extensions) for filing the return for such succeeding taxable year. The Secretary may by regulations provide that transfers may be made later than the times prescribed in the preceding sentence where the amount of any credit or carryover or carryback for any taxable year exceeds the amount shown on the return for the taxable year. "(D) ORDERING RULES.—For purposes of subparagraph (C), the portion of the ESOP credit allowed for the current year or as a carryover or carryback shall be determined— "(i) first by treating the credit or carryover or carryback as attributable to the regular percentage, "(ii) second by treating the portion (not allocated under clause (i)) of such credit or carryover or carryback as attributable to the basic ESOP percentage, and "(iii) finally by treating the portion (not allocated under clause (i) or (ii) as attributable to the matching ESOP percentage. "(2) QUALIFIED MATCHING EMPLOYEE CONTRIBUTION DEFINED.—
"(A) IN GENERAL.—For purposes of this subsection, the term 'qualified matching employee contribution' means, with respect to any taxable year, any contribution made by an employee to an ESOP maintained by the taxpayer if— "(i) each employee who is entitled to an allocation of employer securities transferred to the ESOP under paragraph (1)(A) is entitled to make such a contribution, "(ii) the contribution is designated by the employee as a contribution intended to be taken into account under this subparagraph for the taxable year, "(iii) the contribution is paid in cash to the employer or plan administrator not later than 24 months after the close of the taxable year, and is invested forthwith in employer securities, and "(iv) the ESOP meets the requirements of subparagraph (B). "(B) PLAN REQUIREMENTS.—For purposes of subparagraph
(A), an ESOP meets the requirements of this subparagraph if— "(i) participation in the ESOP Is not required as a condition of employment and the ESOP does not require matching employee contributions as a condition of participation in the ESOP,
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