H 8521Business & Labor: Other

To Vacate the Forfeiture or Revocation of the Charter of Los Toros Records, Inc.

This bill allows Los Toros Records, Inc. to reinstate its revoked corporate charter by paying all owed taxes and fees by December 31, 2026.

Signed into law64 Yea0 Nay11 Not voting

Population
Affected

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Introduced May 6, 2026Committee House Corporations

Plain-English Summary

This bill allows Los Toros Records, Inc. to reinstate its corporate charter, which had previously been revoked or forfeited. To achieve this reinstatement, the corporation must fulfill specific administrative and financial requirements by December 31, 2026.

These requirements include filing any missing corporate tax returns, paying all outstanding state taxes, and submitting a certificate of good standing from the tax administrator to the Secretary of State. Additionally, the corporation must file all necessary reports and pay any required fees to the Secretary of State.

Once these conditions are met, the revocation of the charter will be officially vacated. The corporation will then regain all its previous privileges, benefits, powers, duties, and liabilities exactly as if the revocation had never occurred.

For younger readers

Sometimes businesses lose their official permission to operate if they forget to pay taxes or file paperwork. This bill gives a company called Los Toros Records, Inc. a second chance. If they pay all the money and forms they owe by the end of 2026, they can get their official status back.

Who & Where It Applies

Impacted groups

Los Toros Records, Inc.Rhode Island Secretary of StateRhode Island Division of Taxation

Constitutional & Fiscal Check

Low. Reinstating corporate charters via specific legislation is a routine and standard procedural action in the Rhode Island General Assembly.

Estimated cost

Not specified

Estimated revenue

Not specified (will generate revenue from back taxes and fees owed by the corporation)

Bill Analysis

Both viewpoints

For Progressives

Allows a local business to correct past administrative mistakes and remain operational
Ensures the state collects back taxes and fees that are owed to public coffers
Protects the livelihoods of any employees currently working for the company
Uses legislative time and resources to grant special treatment to a single specific corporation
May be viewed as overly lenient on a business that failed to meet its basic tax and reporting obligations

For Conservatives

Supports business continuity and prevents a company from being permanently shut down over administrative errors
Encourages the payment of owed taxes and fees without requiring costly state enforcement or litigation
Promotes private enterprise by removing bureaucratic hurdles to reinstatement
Uses the legislative process for a single private entity rather than relying on standard administrative procedures
Could be viewed as cronyism or special favors if the business owner has political connections
Bypasses standard penalties that other businesses must face when failing to comply with state laws

Votes

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Full Bill Text

SECTION 1. If, on or before December 31, 2026, Los Toros Records, Inc., incorporated on September 3, 1999, shall file any corporation tax returns as may be required, and shall pay all taxes which were due or should have been due to the state, and shall file with the secretary of state a certificate signed by the tax administrator that such tax returns and such taxes have been paid; and shall also file all reports and pay all fees which may be required by the secretary of state, then the revocation of the charter of said corporation shall thereupon to wit, upon the filing of said certificate, said reports and the payment of said fees, be vacated and said corporation shall thereupon be entitled to all privileges, benefits and powers and subject to all of the same duties and liabilities as though no revocation of its charter had taken place.

SECTION 2. This act shall take effect upon passage.