By Clara BatesThe Santa Fe New Mexican(TNS)U.S. Sen. Martin Heinrich filed legislation Friday that would repeal tax breaks for oil and gas companies to drill overseas—which he says are outdated and currently create incentives for oil and gas companies to go abroad. Major oil and gas companies have their U.S. tax obligations reduced for overseas oil and gas production, Heinrich, a New Mexico Democrat, said in a statement Friday. “Oil majors shouldn’t get a tax break for going overseas to produce energy, but that’s essentially what our current tax policy does,” Heinrich said. Stop allowing companies to generate additional foreign tax credits from shale oil and tar sands development. Change foreign tax credit rules to “prevent oil and gas companies from misclassifying payments to foreign governments as taxes rather than royalties in order to reduce their U.S. tax liability.”