AN ACT TO VACATE THE FORFEITURE OR REVOCATION OF THE CHARTER OF LOS TOROS RECORDS, INC.

2026 Regular Session Introduced by Brandon Potter

Allows Los Toros Records, Inc. to vacate its charter revocation if it files required tax returns, pays taxes, and submits Secretary of State filings by Dec 31, 2026.

06/03/2026 Effective without Governor's signature

Summary of HB 8521 (Rhode Island, 2026)

Purpose and intent

This act provides a mechanism to reinstate (vacate) the forfeiture or revocation of the charter of a specific corporation, Los Toros Records, Inc., if certain conditions are met by a deadline.

The overall goal is to allow the corporation to recover its corporate status and resume having the privileges, duties, and liabilities of a chartered corporation as if the revocation had never occurred.

Key provisions and changes

Section 1: Conditional pathway to vacate revocation

Applicability window: The relief is available only if, on or before December 31, 2026, Los Toros Records, Inc. (founded September 3, 1999):
Files any required corporate tax returns with the state, as applicable.
Pays all taxes due or that should have been due to the state.
Files with the Secretary of State a certificate signed by the state tax administrator confirming that the tax returns have been filed and the taxes paid.
Files all reports and pays all fees that may be required by the Secretary of State.
Effect of compliance: Upon filing the certificate and payment of the required reports/fees, the revocation of the corporation’s charter is vacated. The corporation would then be entitled to all privileges, benefits, powers, and subject to all duties and liabilities as if no charter revocation had occurred.

Section 2: Effective date

The act takes effect upon passage.

Who/what is affected

Primary: Los Toros Records, Inc., a Rhode Island corporation originally incorporated on September 3, 1999, whose charter has been revoked.

Indirectly: The Rhode Island Secretary of State, and the state tax administrator, as the filing and verification processes involve tax returns, tax payments, and compliance filings.

Procedural and timeline aspects

Deadline: December 31, 2026 is the cutoff by which the corporation must complete all required tax filings, tax payments, and Secretary of State filings to trigger vacating the charter revocation.

Required documents:

Corporate tax returns for any period as required by state law.
Proof of all taxes paid (or due and paid).
A certificate signed by the tax administrator confirming filing and payment.
All reports and fees due to the Secretary of State.

Language establishes a transactional path to restore corporate status, contingent on compliance with tax/tax administration and secretary of state requirements within the specified period.

Notable considerations

The bill is narrowly targeted: it applies specifically to Los Toros Records, Inc., and creates a temporary relief opportunity with a defined deadline.

It does not specify broader retroactive applicability to other corporations or general procedures for charter restoration beyond this case.

If the conditions are not met by December 31, 2026, the charter revocation presumably remains in effect, with no vacation under this act.

This summary captures the core purpose, operative provisions, affected parties, and timing of HB 8521.