Congress usually extends expiring tax provisions for a single year, in large part because a multi-year extension can be costly.
Last year's extender bill cost approximately $31 billion and did not include protecting the middle class from the alternative minimum tax, which more than doubles the price tag for a one-year extension.
The Chairman seeks to complete work on extenders by the Memorial Day break.
Work on the House-passed small business jobs bill was also expected to conclude by the end of May, but that timeline might have slipped given the Senate's crowded schedule in trying to move financial reform off its floor.
"It depends on my discussions with Senator Baucus," Levin said, when asked if the small business bill would move by Memorial Day.
The Chairman also said that no decision has been made on whether to shift the Build America Bond provision that is currently in the small business bill to the extender package.