The Senate Finance Committee announced today the formation of five working groups to examine the tax code with the goal of achieving tax reform. According to the press release:
Each of the bipartisan groups will work directly with the nonpartisan Joint Committee on Taxation (JCT) to produce an in-depth analysis of options and potential legislative solutions within its assigned area, with the goal of having one final comprehensive report featuring recommendations from each of the five categories completed by the end of May. The report recommendations, which will be delivered to Chairman Hatch and Ranking Member Wyden, will serve as a foundation for the development of bipartisan tax reform legislation.
This end of May deadline may be the first indicator that we are unlikely to see tax extender legislation for 2015 before the summer.