"I think it's best to do [reform] in a non-campaign year," he told reporters.
However, if Levin keeps the chairmanship remains an open question.
Some Democratic panelists would like to challenge him for the position.
Also, the latest Gallup poll shows that 52 percent of Americans think Republicans will take control of the House next year. But among registered voters Republicans have only a slight edge in winning the chamber, 46 percent to 47 percent, according to a Sept. 26 survey.
If Levin remains chairman, it appears that tax reform could be a front-burner issue shortly after Congress returns in 2011.
"We're serious about looking at our tax code," Levin said, adding, "We'll have lots of tax reform hearings next year."