NMSA 1978, § 7-19D-5 — Specific exemptions

No tax authorized by the provisions of the Municipal Local Option Gross Receipts
and Compensating Taxes Act shall be imposed on the gross receipts arising from a
business located outside the boundaries of a municipality on land owned by that
municipality for which a state gross receipts tax distribution is made pursuant to Section
7-1-6.4 NMSA 1978.