Sen. Elizabeth Warren Elizabeth WarrenBiden's fiscal program: What is the likely market impact? Warren, Schumer introduce plan for next president to cancel ,000 in student debt The Hill's 12:30 Report - Presented by Facebook - Don't expect a government check anytime soon MORE (D-Mass.) on Wednesday rolled out legislation designed to simplify and reduce the cost of filing taxes.

The bill was offered days before the tax filing due date. In most states, the deadline is April 18, but in Warren’s home state it’s April 19, because the previous day is Patriots’ Day.

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"Congress should be making it easier for Americans to file their taxes each year, not bowing to the interests of the tax prep industry," Warren said in a press release.

The legislation, called the Tax Filing Simplification Act of 2016, would instruct the Internal Revenue Service (IRS) to develop a free online tax-preparation service. It would also bar the IRS from entering into agreements with tax-preparation companies that limit the agency’s ability to provide free preparation services.

Under the bill, taxpayers would have the right to download information from third parties that the IRS has already received, and those with simple tax situations could use a return-free option to address their taxes.

The bill has a number of co-sponsors, including Sen. Bernie Sanders Bernie SandersKenosha will be a good bellwether in 2020 Biden's fiscal program: What is the likely market impact? McConnell accuses Democrats of sowing division by 'downplaying progress' on election security MORE (I-Vt.), who is seeking the Democratic presidential nomination.

"Tax Day has become an opportunity for corporations to profit off of confusion over our complicated tax code. That is wrong," he said. "The Tax Filing Simplification Act would end the absurdity of Americans having to pay private companies hundreds of dollars to pay their taxes."

Sanders' opponent for the Democratic nomination, former Secretary of State Hillary Clinton Hillary Diane Rodham ClintonWhat Senate Republicans have said about election-year Supreme Court vacancies Bipartisan praise pours in after Ginsburg's death Trump carries on with rally, unaware of Ginsburg's death MORE, also supports the bill.

"This important piece of legislation will help us build a better, fairer tax system," she said in a statement. "This proposal will help take the headache out of Tax Day, saving Americans both time and money."

Along with the bill, Warren released a report from her staff that details how the tax prep industry has prevented the IRS from implementing laws to simplify tax preparation.