Helena, MT -

A panel advising U.S. Sen. Max Baucus on his plan to rewrite the nation's tax code is identifying which key benefits to keep.

The group told Baucus on Thursday that it has identified five areas to keep in ambitious plans to simplify the tax code.

Baucus is working with a leading Republican on a plan to get rid of many tax credits, deductions and loopholes viewed as unproductive.

They also want to reduce tax rates.

An advisory council of business leaders says tax benefits for low-income workers and children should remain in the code.

They say other important tax deductions include expenses for small businesses, education, retirement savings, and innovation incentives.

The panel told Baucus it will be important to balance a simpler tax code with keeping it fair.