UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)

   X     QUARTERLY  REPORT  PURSUANT  TO  SECTION  13 OR 15(d) OF THE SECURITIES
-------  EXCHANGE ACT OF 1934


For the quarterly period ended June 30, 2003

                                       OR

         TRANSITION  REPORT  PURSUANT  TO  SECTION 13 OR 15(d) OF THE SECURITIES
-------  EXCHANGE ACT OF 1934


                         Commission File Number 33-89968


                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                      ------------------------------------
             (Exact name of registrant as specified in its charter)


            Delaware                                              13-3809869
-------------------------------                              -------------------
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)

625 Madison Avenue, New York, New York                                10022
----------------------------------------                          --------------
(Address of principal executive offices)                            (Zip Code)


Registrant's telephone number, including area code (212)421-5333

     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes  X  No
                                             -----  -----

     Indicate by check mark whether the registrant is an  accelerated  filer (as
defined in Rule 12b-2 of the Act). Yes     No  X
                                      -----  -----


<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                      Consolidated Condensed Balance Sheets
<TABLE>
<CAPTION>
                                                   ============    ============
                                                     June 30,        March 31,
                                                       2003            2003
                                                   ------------    ------------
                                                   (Unaudited)
<S>                                                <C>             <C>
ASSETS

Property and equipment - at cost,
  net of accumulated depreciation
  of $12,525,909 and $11,915,199,
  respectively                                     $ 68,782,731    $ 69,391,714
Cash and cash equivalents                             1,967,356       2,037,966
Cash held in escrow                                   3,137,932       2,961,291
Deferred costs, net of accumulated
  amortization of $423,305 and
  $401,523, respectively                                755,811         777,593
Other assets                                            608,721         492,936
                                                   ------------    ------------
Total assets                                       $ 75,252,551    $ 75,661,500
                                                   ============    ============
</TABLE>

                                       2
<PAGE>
                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                      Consolidated Condensed Balance Sheets
                                   (continued)
<TABLE>
<CAPTION>
                                                   ============    ============
                                                     June 30,        March 31,
                                                       2003            2003
                                                   ------------    ------------
                                                   (Unaudited)
<S>                                                <C>             <C>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Liabilities:
  Mortgage notes payable                           $ 36,137,485    $ 36,401,006
  Accounts payable and other
   liabilities                                        8,060,755       7,429,413
  Due to local general partners and
   affiliates                                         2,479,441       2,583,149
  Due to general partner and affiliates               1,788,680       1,680,574
                                                   ------------    ------------
Total liabilities                                    48,466,361      48,094,142
                                                   ------------    ------------

Minority interest                                     1,947,143       1,951,864
                                                   ------------    ------------

Partners' capital (deficit):
  Limited partners (45,844 BACs
   issued and outstanding)                           24,998,190      25,766,873
  General partner                                      (159,143)       (151,379)
                                                   ------------    ------------
Total partners' capital (deficit)                    24,839,047      25,615,494
                                                   ------------    ------------
Total liabilities and partners'
  capital (deficit)                                $ 75,252,551    $ 75,661,500
                                                   ============    ============
</TABLE>

The  accompanying  notes are an integral  part of these  consolidated  condensed
financial statements.

                                       3
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                 Consolidated Condensed Statements of Operations
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                  =============================
                                                        Three Months Ended
                                                             June 30,
                                                  -----------------------------
                                                     2003               2002
                                                  -----------------------------
<S>                                               <C>               <C>
Revenues
Rental income                                     $ 1,455,707       $ 1,385,664
Other income (principally interest
  income)                                              46,957            51,925
                                                  -----------       -----------
Total revenues                                      1,502,664         1,437,589
                                                  -----------       -----------

Expenses
General and administrative                            381,743           396,277
General and administrative -
  related parties                                     159,391           147,477
Repairs and maintenance                               238,393           219,407
Operating                                             195,182           169,571
Taxes                                                  48,487            44,952
Insurance                                              86,192            62,500
Interest                                              541,952           560,975
Depreciation and amortization                         632,492           606,518
                                                  -----------       -----------
Total expenses                                      2,283,832         2,207,677
                                                  -----------       -----------

Loss before minority interest                        (781,168)         (770,088)
Minority interest in loss of
  subsidiary partnerships                               4,721             8,216
                                                  -----------       -----------
Net loss                                          $  (776,447)      $  (761,872)
                                                  ===========       ===========

Net loss - limited partners                       $  (768,683)      $  (754,253)
                                                  ===========       ===========

Number of BACs outstanding                             45,844            45,844
                                                  ===========       ===========

Net loss per BAC                                  $    (16.77)      $    (16.45)
                                                  ===========       ===========
</TABLE>


The  accompanying  notes are an integral  part of these  consolidated  condensed
financial statements.

                                       4
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
            Consolidated Condensed Statement of Changes in Partners'
                                Capital (Deficit)
                    For the Three Months Ended June 30, 2003
                                   (Unaudited)
<TABLE>
<CAPTION>
                               ================================================
                                                   Limited           General
                                  Total            Partners          Partner
                               ------------------------------------------------
<S>                            <C>               <C>               <C>
Partners' capital
  (deficit) -
  April 1, 2003                $ 25,615,494      $ 25,766,873      $   (151,379)

Net loss                           (776,447)         (768,683)           (7,764)
                               ------------      ------------      ------------

Partners' capital
  (deficit) -
  June 30, 2003                $ 24,839,047      $ 24,998,190      $   (159,143)
                               ============      ============      ============
</TABLE>

The  accompanying  notes are an integral  part of these  consolidated  condensed
financial statements.


                                       5
<PAGE>


                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                 Consolidated Condensed Statements of Cash Flows
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                   ============================
                                                        Three Months Ended
                                                             June 30,
                                                   ----------------------------
                                                      2003             2002*
                                                   ----------------------------
<S>                                                <C>              <C>
Cash flows from operating activities:
Net loss                                           $  (776,447)     $  (761,872)
                                                   -----------      -----------
Adjustments to reconcile net loss
  to net cash provided by operating
  activities:
Depreciation and amortization                          632,492          606,518
Minority interest in loss of
  subsidiary partnerships                               (4,721)          (8,216)
Increase in cash held in escrow                       (193,854)        (108,372)
Increase in other assets                              (115,785)         (46,880)
Increase in accounts payable
  and other liabilities                                631,342          337,594
Increase in due to local general
  partners and affiliates                               11,904                0
Decrease in due to local general
  partners and affiliates                               (5,516)         (24,999)
Increase in due to general
  partner and affiliates                               108,106          100,943
                                                   -----------      -----------
  Total adjustments                                  1,063,968          856,588
                                                   -----------      -----------

Net cash provided by operating
  activities                                           287,521           94,716
                                                   -----------      -----------
</TABLE>

                                       6
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                 Consolidated Condensed Statements of Cash Flows
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>
                                                   ============================
                                                        Three Months Ended
                                                             June 30,
                                                   ----------------------------
                                                      2003             2002*
                                                   ----------------------------
<S>                                                <C>              <C>

Cash flows from investing activities:
Increase in property and equipment                      (1,727)          (4,726)
Decrease (increase) in cash held
  in escrow                                             17,213          (92,204)
Increase in due to local general
  partners and affiliates                                   98          120,797
Decrease in due to local general
  partners and affiliates                             (110,194)        (280,325)
                                                   -----------      -----------
Net cash used in investing activities                  (94,610)        (256,458)
                                                   -----------      -----------

Cash flows from financing activities:
Repayments of mortgage notes                          (263,521)         (78,307)
                                                   -----------      -----------
Net cash used in financing
  activities                                          (263,521)         (78,307)
                                                   -----------      -----------

Net decrease in cash and cash
  equivalents                                          (70,610)        (240,049)
Cash and cash equivalents at
  beginning of period                                2,037,966        2,461,056
                                                   -----------      -----------
Cash and cash equivalents at
  end of period                                    $ 1,967,356      $ 2,221,007
                                                   ===========      ===========
</TABLE>


* Reclassified for comparative purposes.

The  accompanying  notes are an integral  part of these  consolidated  condensed
financial statements.

                                       7
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                                  June 30, 2003
                                   (Unaudited)


Note 1 - General

The consolidated  financial  statements include the accounts of Independence Tax
Credit Plus L.P. IV (the "Partnership") and fourteen other limited  partnerships
("subsidiary  partnerships",  "subsidiaries"  or  "Local  Partnerships")  owning
affordable  apartment complexes that are eligible for the low-income housing tax
credit,  some of which apartment complexes may also be eligible for the historic
rehabilitation  tax credit.  The general  partner of the  Partnership is Related
Independence   L.L.C.,  a  Delaware  limited  liability  company  (the  "General
Partner").  Through the rights of the  Partnership  and/or an  affiliate  of the
General Partner,  which affiliate has a contractual  obligation to act on behalf
of the Partnership to remove the general partner of the subsidiary  partnerships
and to approve certain major operating and financial decisions,  the Partnership
has a controlling financial interest in the subsidiary partnerships.

For financial reporting purposes, the Partnership's fiscal quarter ends June 30.
All  subsidiaries  have  fiscal  quarters  ending  March  31.  Accounts  of  the
subsidiaries  have been  adjusted  for  intercompany  transactions  from April 1
through June 30. The Partnership's fiscal quarter ends June 30 in order to allow
adequate  time for the  subsidiaries'  financial  statements  to be prepared and
consolidated.

All intercompany accounts and transactions with the subsidiary partnerships have
been eliminated in consolidation.

Losses  attributable to minority interests which exceed the minority  interests'
investment  in a subsidiary  have been charged to the  Partnership.  Such losses
aggregated  approximately  $3,000 and $2,000 for the three months ended June 30,
2003 and 2002, respectively.  The Partnership's investment in each subsidiary is
equal to the respective  subsidiary's  partners'  equity less minority  interest
capital,  if any.  In  consolidation,  all  subsidiary  partnership  losses  are
included in the  Partnership's  capital  account except for losses  allocated to
minority interest capital.

                                       8
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                                  June 30, 2003
                                   (Unaudited)


Certain  information  and  note  disclosures   normally  included  in  financial
statements prepared in accordance with generally accepted accounting  principles
have been omitted or condensed.  These condensed financial  statements should be
read in conjunction with the financial  statements and notes thereto included in
the Partnership's Annual Report on Form 10-K for the year ended March 31, 2003.

The books and records of the  Partnership are maintained on the accrual basis of
accounting in accordance with generally accepted accounting  principles.  In the
opinion of the General Partner of the Partnership,  the  accompanying  unaudited
financial  statements  contain  all  adjustments   (consisting  only  of  normal
recurring adjustments) necessary to present fairly the financial position of the
Partnership as of June 30, 2003 and its results of operations and its cash flows
for the three  months  ended  June 30,  2003 and 2002.  However,  the  operating
results for the three  months ended June 30, 2003 may not be  indicative  of the
results for the entire year.

                                       9
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                                  June 30, 2003
                                   (Unaudited)


Note 2 - Related Party Transactions

An affiliate  of the General  Partner has a .01%  interest as a special  limited
partner in each of the Local Partnerships.

The costs  incurred to related  parties for the three months ended June 30, 2003
and 2002 were as follows:
<TABLE>
<CAPTION>
                                                            Three Months Ended
                                                                 June 30,
                                                          ----------------------
                                                            2003          2002
                                                          ----------------------
<S>                                                       <C>           <C>
Partnership management fees (a)                           $ 84,280      $ 84,280
Expense reimbursement (b)                                   35,881        27,761
Local administrative fee (c)                                13,000        12,000
                                                          --------      --------
Total general and administrative-
  General Partner                                          133,161       124,041
                                                          --------      --------
Property management fees incurred
  to affiliates of the subsidiary partner-
  ships' general partners (d)                               26,230        23,436
                                                          --------      --------
Total general and administrative -
  related parties                                         $159,391      $147,477
                                                          ========      ========
</TABLE>

(a) The General  Partner is entitled to receive a  partnership  management  fee,
after payment of all Partnership expenses,  which together with the annual local
administrative  fees  will not  exceed a maximum  of 0.5% per annum of  invested
assets (as defined in the Partnership Agreement),  for administering the affairs
of  the  Partnership.  Subject  to the  foregoing  limitation,  the  partnership
management fee will be determined by the General  Partner in its sole discretion
based  upon its  review of the  Partnership's  investments.  Unpaid  partnership
management  fees for any  year  will be  accrued  without  interest  and will be
payable from working capital  reserves or to the extent of available funds after
the  Partnership  has made  distributions  to the  limited  partners  of sale or
refinancing  proceeds equal to their original capital  contributions  plus a 10%
priority return thereon (to the extent not  theretofore  paid out of cash flow).
Partnership   management  fees  owed  to  the  General   Partner   amounting  to

                                       10
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                                  June 30, 2003
                                   (Unaudited)


approximately  $1,377,000 and $1,292,000  were accrued and unpaid as of June 30,
2003 and March 31, 2003, respectively.

(b) The Partnership reimburses the General Partner and its affiliates for actual
Partnership   operating  expenses  incurred  by  the  General  Partner  and  its
affiliates on the  Partnership's  behalf.  The amount of reimbursement  from the
Partnership is limited by the provisions of the Partnership  Agreement.  Another
affiliate of the General Partner  performs asset monitoring for the Partnership.
These   services   include  site  visits  and   evaluations  of  the  subsidiary
partnerships' performance.

(c)  Independence  SLP IV L.P.,  a special  limited  partner  of the  subsidiary
partnerships,  is entitled to receive a local administrative fee of up to $5,000
per year from each subsidiary partnership.

(d) Property  management  fees  incurred by the Local  Partnerships  amounted to
$91,785  and  $89,047  for the  three  months  ended  June 30,  2003  and  2002,
respectively.  Of these fees, $26,230 and $23,436 were incurred to affiliates of
the subsidiary partnerships' general partners.

Note 3 - New Accounting Pronouncements

In January 2003, the Financial  Accounting  Standards Board ("FASB") issued FASB
Interpretation No. 46, "Consolidation of Variable Interest Entities" ("FIN 46").
FIN 46 is applicable  immediately for variable  interest  entities created after
January 31, 2003. For variable  interest  entities  created  before  February 1,
2003,  the  provisions of FIN 46 are  applicable no later than July 1, 2003. The
Partnership  has not created any variable  interest  entities  after January 31,
2003. The  Partnership  is currently  evaluating the impact of the provisions of
FIN 46 on its consolidated financial statements and will complete its assessment
by September 2003.

In May 2003,  the FASB issued SFAS No. 150,  "Accounting  for Certain  Financial
Instruments with  Characteristics of both Liabilities and Equity".  SFAS No. 150
changes the accounting for certain  financial  instruments  that, under previous
guidance,  could be classified as equity or "mezzanine" equity, by now requiring
those  instruments  to  be  classified  as  liabilities  (  or  assets  in  some

                                       11
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                                  June 30, 2003
                                   (Unaudited)


circumstances) in the Consolidated  Condensed Balance Sheets.  Further, SFAS No.
150 requires disclosure  regarding the terms of those instruments and settlement
alternatives.  The  guidance  in SFAS No. 150  generally  is  effective  for all
financial  instruments  entered  into or  modified  after May 31,  2003,  and is
otherwise effective at the beginning of the first interim period beginning after
June 15, 2003. The Partnership has evaluated SFAS No. 150 and determined that it
does  not  have  an  impact  on  the  Partnership's   financial   reporting  and
disclosures.


                                       12
<PAGE>

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

Liquidity and Capital Resources
-------------------------------

The Partnership's  primary sources of funds, in addition to operations,  include
(i) interest  earned on Gross  Proceeds  which are invested in tax-exempt  money
market instruments pending final payments to Local Partnerships and (ii) working
capital  reserves and interest  earned  thereon.  All these sources of funds are
available to meet obligations of the Partnership.

As of June 30, 2003,  the  Partnership  has invested  approximately  $37,814,000
(including   approximately  $1,161,000  classified  as  a  loan  repayable  from
sale/refinancing  proceeds in accordance with the Contribution Agreement,  which
has been  eliminated in  consolidation,  and not including  acquisition  fees of
approximately  $1,771,000)  of net proceeds in fourteen  Local  Partnerships  of
which  approximately  $1,593,000  remains  to be paid to the Local  Partnerships
(including  approximately  $615,000 being held in escrow) as certain benchmarks,
such as  occupancy  level,  must be attained  prior to the release of the funds.
During the three months ended June 30, 2003,  no payments were made to the Local
Partnerships.

For the three  months  ended June 30,  2003,  cash and cash  equivalents  of the
Partnership  and its  fourteen  consolidated  Local  Partnerships  decreased  by
approximately  $71,000.  This  decrease  was due to an increase in property  and
equipment  ($2,000),  principal  reduction of mortgage notes  ($264,000),  a net
decrease in due to local general  partners and affiliates  relating to investing
activities  ($110,000)  which  exceeded  cash  provided by operating  activities
($288,000)  and a  decrease  in  cash  held  in  escrow  relating  to  investing
activities  ($17,000).  Included in the adjustments to reconcile the net loss to
cash  provided by operating  activities  is  depreciation  and  amortization  of
approximately $632,000.

At June 30,  2003,  there  is  approximately  $223,000  in the  working  capital
reserves.  The  General  Partner  believes  that these  reserves,  plus any cash
distributions  received from the operations of the Local  Partnerships,  will be
sufficient to fund the  Partnership's  ongoing  operations  for the  foreseeable
future not including fees owed to the General Partner.

Management is not aware of any trends or events,  commitments or  uncertainties,
which  have not  otherwise  been  disclosed  that  will or are  likely to impact
liquidity in a material way.  Management  believes the only impact would be from

                                       13
<PAGE>

laws  that  have not yet been  adopted.  The  portfolio  is  diversified  by the
location of the  properties  around the United States so that if one area of the
country is experiencing  downturns in the economy,  the remaining  properties in
the  portfolio  may  be   experiencing   upswings.   However,   the   geographic
diversification  of the portfolio may not protect against a general  downturn in
the  national  economy.  The tax credits  will be attached to the property for a
period of ten  years,  and will be  transferable  with the  property  during the
remainder of the ten year period.  If trends in the real estate market warranted
the sale of a property,  the  remaining  tax credits  would  transfer to the new
owner, thereby adding value to the property on the market.  However,  such value
declines  each year and is not  included  in the  financial  statement  carrying
amount.

Critical Accounting Policies
----------------------------

In  preparing  the  consolidated  financial  statements,   management  has  made
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities at the date of the financial  statements and the reported amounts of
revenues and expenses during the reporting periods.  Actual results could differ
from those  estimates.  Set forth below is a summary of the accounting  policies
that  management  believes are critical to the  preparation of the  consolidated
financial  statements.  The summary should be read in conjunction  with the more
complete  discussion of the Company's  accounting policies included in Note 2 to
the consolidated  financial  statements  which are include in the  Partnership's
annual report on Form 10-K for the year ended March 31, 2003.

a)  Property and Equipment

Property and  equipment  to be held and used are carried at cost which  includes
the purchase price,  acquisition fees and expenses, and any other costs incurred
in acquiring the  properties.  The cost of property and equipment is depreciated
over their estimated useful lives using accelerated and  straight-line  methods.
Expenditures  for repairs and  maintenance  are charged to expense as  incurred;
major  renewals  and  betterments  are  capitalized.  At the time  property  and
equipment  are  retired  or  otherwise  disposed  of,  the cost and  accumulated
depreciation  are  eliminated  from  the  assets  and  accumulated  depreciation
accounts  and the profit or loss on such  disposition  is reflected in earnings.
The Partnership complies with Statement of Financial Accounting Standards (SFAS)
No. 144 "Accounting for the Impairment or Disposal of Long-Lived Assets". A loss
on  impairment  of  assets  is  recorded  when  management   estimates   amounts
recoverable   through  future   operations  and  sale  of  the  property  on  an

                                       14
<PAGE>

undiscounted basis are below depreciated cost. At that time property investments
themselves are reduced to estimated fair value  (generally using discounted cash
flows) when the property is considered to be impaired and the  depreciated  cost
exceeds estimated fair value.

b)  Income Taxes

No  provision  has been made for income taxes in the  accompanying  consolidated
financial  statements  since such taxes, if any, are the  responsibility  of the
individual partners.  For income tax purposes, the Partnership has a fiscal year
ending December 31.

New Accounting Pronouncements
-----------------------------

In January 2003, the Financial  Accounting  Standards Board ("FASB") issued FASB
Interpretation No. 46, "Consolidation of Variable Interest Entities" ("FIN 46").
FIN 46 is applicable  immediately for variable  interest  entities created after
January 31, 2003. For variable  interest  entities  created  before  February 1,
2003,  the  provisions of FIN 46 are  applicable no later than July 1, 2003. The
Partnership  has not created any variable  interest  entities  after January 31,
2003. The  Partnership  is currently  evaluating the impact of the provisions of
FIN 46 on its consolidated financial statements and will complete its assessment
by September 2003.

In May 2003,  the FASB issued SFAS No. 150,  "Accounting  for Certain  Financial
Instruments with  Characteristics of both Liabilities and Equity".  SFAS No. 150
changes the accounting for certain  financial  instruments  that, under previous
guidance,  could be classified as equity or "mezzanine" equity, by now requiring
those  instruments  to  be  classified  as  liabilities  (  or  assets  in  some
circumstances)  in the  Consolidated  Balance  Sheets.  Further,  SFAS  No.  150
requires  disclosure  regarding the terms of those  instruments  and  settlement
alternatives.  The  guidance  in SFAS No. 150  generally  is  effective  for all
financial  instruments  entered  into or  modified  after May 31,  2003,  and is
otherwise effective at the beginning of the first interim period beginning after
June 15, 2003. The Partnership has evaluated SFAS No. 150 and determined that it
does  not  have  an  impact  on  the  Partnership's   financial   reporting  and
disclosures.

Results of Operations
---------------------

The  results of  operations  for the three  months  ended June 30, 2003 and 2002
continued to be in the form of rental income with corresponding expenses divided
among operations, depreciation and mortgage interest.

                                       15
<PAGE>


Rental  income  increased  approximately  5% for the three months ended June 30,
2003 as compared to the  corresponding  period in 2002,  primarily due to rental
rate increases.

Total expenses,  excluding operating and insurance,  remained fairly consistent,
with an increase of approximately 3% for the three months ended June 30, 2003 as
compared to the corresponding period in 2002.

Operating  expenses increased  approximately  $26,000 for the three months ended
June 30, 2003 as compared to the corresponding  period in 2002, primarily due to
an increase in fuel costs at the Local Partnerships.

Insurance  expense  increased  approximately  $24,000 for the three months ended
June 30, 2003 as compared to the corresponding  period in 2002, primarily due to
increases in insurance premiums at the Local Partnerships.

Item 3. Quantitative  and  Qualitative  Disclosures  about
Market Risk

None

Item 4.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures
------------------------------------------------
The Chief Executive Officer and Chief Financial Officer of Related  Independence
L.L.C.,  which is the general  partner of  Independence  Tax Credit Plus L.P. IV
(the  "Partnership"),  have evaluated the Partnership's  disclosure controls and
procedures (as such term is defined in Rules  13a-15(e) and 15d-15(e)  under the
Securities  Exchange Act of 1934 (the "Exchange  Act")) as of June 30, 2003 (the
"Evaluation Date"). Based on such evaluation, such officers have concluded that,
as of the Evaluation Date, the Partnership's  disclosure controls and procedures
are  effective in alerting  them,  on a timely  basis,  to material  information
relating to the Partnership required to be included in the Partnership's reports
filed or submitted under the Exchange Act .

Changes  in  Internal  Control  Over  Financial  Reporting
----------------------------------------------------------
There has been no significant change in the Partnership's  internal control over
financial reporting during the Partnership's  fiscal quarter ended June 30, 2003
which has materially  affected,  or is reasonably  likely to materially  affect,
such internal control over financial reporting .

                                       16
<PAGE>

                           PART II. OTHER INFORMATION

Item 1.    Legal Proceedings - None

Item 2.    Changes  in  Securities  and Use of  Proceeds - None

Item 3.    Defaults Upon Senior Securities - None

Item 4.    Submission  of  Matters  to a Vote of  Security Holders - None

Item 5.    Other Information - None

Item 6.    Exhibits and Reports on Form 8-K

           (a) Exhibits

               (4) Form of Amended and Restated Agreement of Limited Partnership
of the Partnership (attached to the Prospectus as Exhibit A)*

               (10A) Form of Subscription  Agreement (attached to the Prospectus
as Exhibit B)*

               (10B) Form of Escrow  Agreement  between the  Partnership and the
Escrow Agent**

               (10C) Form of  Purchase  and Sales  Agreement  pertaining  to the
Partnership's acquisition of Local Partnership Interests**

               (10D)  Form  of  Amended  and   Restated   Agreement  of  Limited
Partnership of Local Partnerships**

               31.1 Certification Pursuant to Rule 13a-14(a) or Rule 15d-14(a).

               32.1  Certification  Pursuant to Rule 13a-14(b) or Rule 15d-14(b)
and Section 1350 of Title 18 of the United States Code (18 U.S.C. 1350).

               *  Incorporated  herein by reference to the final  Prospectus  as
filed pursuant to Rule 424 under the Securities Act of 1933.

               ** Filed as an exhibit to the Registration Statement on Form S-11
of the  Partnership  (File No.  33-89968) and  incorporated  herein by reference
thereto.

           (b) Reports on Form 8-K - No  reports  on  Form 8-K were filed during
the quarter.

                                       17
<PAGE>
                                   SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                      ------------------------------------
                                  (Registrant)


                        By: RELATED INDEPENDENCE L.L.C.,
                            General Partner

Date:  August 4, 2003

                            By: /s/ Alan P. Hirmes
                                ------------------
                                 Alan P. Hirmes,
                                President and Member
                                (principal executive and financial officer)

Date:  August 4, 2003

                            By: /s/ Glenn F. Hopps
                                ------------------
                                Glenn F. Hopps,
                                Treasurer
                                (principal accounting officer)


<PAGE>

                                                                    Exhibit 31.1


                         CERTIFICATION PURSUANT TO RULE
                           13a-14(a) OR RULE 15d-14(a)


I, Alan P.  Hirmes,  Chief  Executive  Officer  and Chief  Financial  Officer of
Related  Independence  L.L.C.  (the  "General  Partner"),  which is the  General
Partner of  Independence  Tax Credit  Plus L.P. IV (the  "Partnership"),  hereby
certify that:

     1)  I have  reviewed  this  quarterly  report on Form  10-Q for the  period
         ending June 30, 2003 of the Partnership;

     2)  Based on my  knowledge,  this  quarterly  report  does not  contain any
         untrue  statement of a material  fact or omit to state a material  fact
         necessary  in  order  to make  the  statements  made,  in  light of the
         circumstances  under which such  statements  were made,  not misleading
         with respect to the period covered by this quarterly report;

     3)  Based on my knowledge,  the financial  statements,  and other financial
         information  included in this quarterly  report,  fairly present in all
         material  respects the financial  condition,  results of operations and
         cash flows of the Partnership as of, and for, the periods  presented in
         this quarterly report;

     4)  I am responsible for establishing and maintaining  disclosure  controls
         and  procedures  (as  defined  in  Exchange  Act  Rules  13a-15(e)  and
         15d-15(e)) and internal control over financial reporting (as defined in
         Exchange Act Rues 13a-15(f) and 15d-15(f))  for the  Partnership  and I
         have:

         a) designed  such  disclosure  controls and  procedures  or caused such
         disclosure controls and procedures to be designed under my supervision,
         to  ensure  that  material  information  relating  to  the  Partnership
         including its consolidated subsidiaries,  is made known to me by others
         within  those  entities,  particularly  during the period in which this
         quarterly report was being prepared;



<PAGE>


         b) designed such internal control over financial  reporting,  or caused
         such internal control over financial  reporting to be designed under my
         supervision,  to provide reasonable assurance regarding the reliability
         of financial reporting and the preparation of financial  statements for
         external  purposes in accordance  with  generally  accepted  accounting
         principles; and

         c) evaluated the effectiveness of the Partnership's disclosure controls
         and procedures and presented in this report our  conclusions  about the
         effectiveness  of the disclosure  controls and procedures as of the end
         of  the  period  covered  by  this  quarterly   report  based  on  such
         evaluation; and

         d) disclosed in this quarterly  report any change in the  Partnership's
         internal  control over  financial  reporting  that occurred  during the
         period  ending  June 30,  2003  that  has  materially  affected,  or is
         reasonably  likely to materially  affect,  the  Partnership's  internal
         control over financial reporting; and

     5)  I have  disclosed,  based  on my most  recent  evaluation  of  internal
         control over financial reporting,  to the Partnership's auditors and to
         the boards of directors of the General Partners:

         a) all significant  deficiencies and material  weaknesses in the design
         or operation of internal  control over  financial  reporting  which are
         reasonably  likely to  adversely  affect the  Partnership's  ability to
         record, process, summarize and report financial information; and

         b) any fraud,  whether or not  material,  that  involves  management or
         other  employees  who  have a  significant  role  in the  Partnership's
         internal control over financial reporting.


         Date: August 4, 2003
               ---------------

                                     By: /s/ Alan P. Hirmes
                                         ------------------
                                         Alan P. Hirmes
                                         Chief Executive Officer and
                                         Chief Financial Officer
<PAGE>


                                                                    Exhibit 32.1


                             CERTIFICATION PURSUANT
                       TO RULE 13a-14(b) OR RULE 15d-14(b)
                          AND SECTION 1350 OF TITLE 18
                   OF THE UNITED STATES CODE (18 U.S.C. 1350)


In connection with the Quarterly  Report of Independence Tax Credit Plus L.P. IV
(the  "Partnership")  on Form 10-Q for the period  ended June 30,  2003 as filed
with the Securities and Exchange  Commission on the date hereof (the  "Report"),
I, Alan P.  Hirmes,  Chief  Executive  Officer  and Chief  Financial  Officer of
Related  Independence  L.L.C.  which is the general partner of the  Partnership,
certify,  pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that:


       (1) The Report fully complies with the  requirements  of section 13(a) or
15(d) of the Securities Exchange Act of 1934; and


       (2) The  information  contained  in the Report  fairly  presents,  in all
material  respects,  the  financial  condition  and result of  operations of the
Partnership.



By:  /s/Alan P. Hirmes
     -----------------
     Alan P. Hirmes
     Principal  Executive Officer and Principal  Financial Officer
     August 4, 2003