Exempted from the compensating tax is the use of vehicles on which the tax imposed by the Motor Vehicle Excise Tax Act [N.M. Stat. Ann. Chapter 7, Article 14] has been paid, the use of vehicles subject to registration under Section 66-3-16 N.M. Stat. Ann. and the use of vehicles exempt from the motor vehicle excise tax pursuant to Subsection F of Section 7-14-6 N.M. Stat. Ann..