New Jersey community banks are battling bills supported by the governor that would add millions of dollars to state taxes on their investment portfolios and let out-of-state banks branch into the state.

Lawmakers are debating a bill that would require the Garden State's banks to report combined taxable income from all subsidiaries, regardless of what state they're located in. That means the banks could no longer avoid New Jersey's 9% corporate tax on securities earnings by chartering investment subsidiaries to manage them.

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