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 December 15, 2003

                                       OR

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



                         Commission File Number 0-17015


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


           Delaware                                             13-3446500
-------------------------------                             --------------------
(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 Exchange Act Rule 12b-2). Yes     No  X
                                        -----  -----


<PAGE>

                         PART I - Financial Information

Item 1.  Financial Statements

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                           Consolidated Balance Sheets
                                   (Unaudited)
<TABLE>
<CAPTION>
                                               =============      =============
                                                December 15,        March 15,
                                                    2003               2003
                                               -------------      -------------
<S>                                            <C>                <C>
ASSETS
Property and equipment, at cost,
  net of accumulated depreciation
  of $110,805,524 and $118,952,648
  respectively                                 $ 113,081,777      $ 133,543,024
Property and equipment -
  held for sale, net of accumulated
  depreciation of $8,460,371 and $0                8,952,525                  0
Cash and cash equivalents                          5,004,559          6,067,262
Cash held in escrow                               13,482,707         13,328,404
Accounts receivable - tenants                        719,309            780,278
Deferred costs - net of accumulated
  amortization of $3,475,789
  and $3,419,798, respectively                     2,801,696          3,250,600
Other assets                                       1,603,662          1,583,913
                                               -------------      -------------
Total assets                                   $ 145,646,235      $ 158,553,481
                                               =============      =============
</TABLE>

                                       2
<PAGE>
                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                           Consolidated Balance Sheets
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>
                                               =============      =============
                                                December 15,        March 15,
                                                    2003               2003
                                               -------------      -------------
<S>                                            <C>                <C>
LIABILITIES AND PARTNERS' DEFICIT
Liabilities:
  Mortgage notes payable                       $ 139,064,547      $ 147,794,611
  Accounts payable and other
   liabilities                                    14,249,791         12,746,386
  Due to local general partners and
   affiliates                                     15,499,840         16,794,330
  Due to general partners and
   affiliates                                      8,218,930          7,727,769
  Due to selling partners                          1,183,680          1,303,680
                                               -------------      -------------
Total liabilities                                178,216,788        186,366,776
                                               -------------      -------------


Minority interest                                  1,326,645          1,743,507
                                               -------------      -------------

Commitments and contingencies
  (Note 4)

Partners' deficit:
  Limited partners (15,987.5 BACs
   issued and outstanding)                       (32,828,382)       (28,531,390)
  General partners                                (1,068,816)        (1,025,412)
                                               -------------      -------------
Total partners' deficit                          (33,897,198)       (29,556,802)
                                               -------------      -------------
Total liabilities and partners'
  deficit                                      $ 145,646,235      $ 158,553,481
                                               =============      =============
</TABLE>


          See accompanying notes to consolidated financial statements.

                                       3
<PAGE>

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                      Consolidated Statements of Operations
                                   (Unaudited)
<TABLE>
<CAPTION>
                        ============================    ============================
                             Three Months Ended              Nine Months Ended
                                 December 15,                    December 15,
                        ----------------------------    ----------------------------
                            2003            2002*           2003            2002*
                        ----------------------------    ----------------------------
 <S>                     <C>             <C>             <C>             <C>
Revenues

Rental income           $  8,157,320    $  8,419,178    $ 24,941,485    $ 26,328,074
Other                        387,307         314,267       1,043,299         993,436
Gain on sale of
  properties (Note 3)              0               0       1,808,199       6,585,801
                        ------------    ------------    ------------    ------------

                           8,544,627       8,733,445      27,792,983      33,907,311
                        ------------    ------------    ------------    ------------
Expenses
General and
  administrative           1,431,986       1,436,963       4,557,531       4,344,906
General and
  administrative-
  related parties
  (Note 2)                   660,889         669,776       1,960,325       2,011,196
Repairs and
  maintenance              2,062,051       1,724,332       5,581,148       5,115,684
Operating and
  other                      978,247         925,180       3,750,079       3,339,221
Taxes                        509,609         499,450       1,250,302       1,298,309
Insurance                    442,456         421,628       1,353,339       1,156,809
Financial                  2,732,380       2,899,715       7,984,403       9,069,887
Depreciation and
  amortization             1,935,603       2,414,562       6,168,292       6,760,711
                        ------------    ------------    ------------    ------------

Total expenses            10,753,221      10,991,606      32,605,419      33,096,723
                        ------------    ------------    ------------    ------------

(Loss) income before
  minority
  interest                (2,208,594)     (2,258,161)     (4,812,436)        810,588

Minority interest
  in loss of
  subsidiaries                 8,018         113,124         472,040         421,201
                        ------------    ------------    ------------    ------------

Net (loss) income       $ (2,200,576)   $ (2,145,037)   $ (4,340,396)   $  1,231,789
                        ============    ============    ============    ============

Net (loss) income
-limited partners       $ (2,178,570)   $ (2,123,587)   $ (4,296,992)   $  1,219,471
                        ============    ============    ============    ============

Number of BACs
  outstanding               15,987.5        15,987.5        15,987.5        15,987.5
                        ============    ============    ============    ============

Net (loss) income
  per BAC               $    (136.27)   $    (132.82)   $    (268.77)   $      76.28
                        ============    ============    ============    ============
</TABLE>

*Reclassified for comparative purposes.

          See accompanying notes to consolidated financial statements.


                                       4
<PAGE>

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
             Consolidated Statement of Changes in Partners' Deficit
                                   (Unaudited)
<TABLE>
<CAPTION>
                      ============================================
                                        Limited         General
                          Total         Partners        Partners
                      --------------------------------------------
<S>                   <C>             <C>             <C>
Partners'
  deficit -
  March 16, 2003      $(29,556,802)   $(28,531,390)   $ (1,025,412)

Net loss                (4,340,396)     (4,296,992)        (43,404)
                      ------------    ------------    ------------

Partners'
  deficit -
  December 15, 2003   $(33,897,198)   $(32,828,382)   $ (1,068,816)
                      ============    ============    ============
</TABLE>

          See accompanying notes to consolidated financial statements.


                                       5
<PAGE>

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                      Consolidated Statements of Cash Flows
                Increase (decrease) in Cash and Cash Equivalents
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                   =============================
                                                         Nine Months Ended
                                                            December 15,
                                                   -----------------------------
                                                       2003             2002
                                                   -----------------------------
<S>                                                <C>             <C>
Cash flows from
  operating activities:

Net (loss) income                                  $ (4,340,396)   $  1,231,789
Adjustments to reconcile net (loss)
  income to net cash provided by
  operating activities:
Gain on sale of properties (Note 3)                  (1,808,199)     (6,585,801)
Depreciation and amortization                         6,168,292       6,760,711
Minority interest in loss of
  subsidiaries                                         (472,040)       (421,201)
Decrease in accounts
  receivable-tenants                                     60,969          88,292
Increase in other assets                                (19,749)       (370,245)
Increase in accounts payable and
  other liabilities                                   2,057,055         833,355
Increase in due to general partners
  and affiliates                                        536,161         718,508
Decrease (increase) in cash held in
  escrow                                                 63,754        (995,264)
                                                   ------------    ------------

Net cash provided by operating
  activities                                          2,245,847       1,260,144
                                                   ------------    ------------

Cash flows from investing activities:

Proceeds from sale of properties                        504,984         200,000
(Increase) decrease in cash held
  in escrow                                            (218,057)      1,249,986
Improvements to property and
  equipment                                            (776,519)     (2,724,451)
                                                   ------------    ------------

Net cash used in investing
  activities                                           (489,592)     (1,274,465)
                                                   ------------    ------------
</TABLE>

                                       6
<PAGE>
                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                      Consolidated Statements of Cash Flows
                Increase (decrease) in Cash and Cash Equivalents
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>
                                                   =============================
                                                         Nine Months Ended
                                                            December 15,
                                                   -----------------------------
                                                       2003             2002
                                                   -----------------------------
<S>                                                <C>             <C>
Cash flows from financing activities:

Increase in deferred costs                                    0        (345,301)
Proceeds from mortgage notes                                  0      18,059,376
Repayments of mortgage notes                         (2,472,321)    (18,220,159)
Decrease in due to selling partner                            0         (30,000)
Increase in due to local general
  partners and affiliates                               739,428         381,193
Decrease in due to local general
  partners and affiliates                            (1,141,243)       (728,813)
Increase (decrease) in capitalization of
  consolidated subsidiaries
  attributable to minority interest                      55,178        (101,710)
                                                   ------------    ------------

Net cash used in financing activities                (2,818,958)       (985,414)
                                                   ------------    ------------

Net decrease in cash and cash
  equivalents                                        (1,062,703)       (999,735)

Cash and cash equivalents at
  beginning of period                                 6,067,262       6,379,655
                                                   ------------    ------------

Cash and cash equivalents at
  end of period                                    $  5,004,559    $  5,379,920
                                                   ============    ============

Supplemental disclosures of noncash activities:
Increase in property and equipment-
  held for sale reclassified from
  property and equipment                           $  8,952,525    $  3,734,297
</TABLE>

                                       7
<PAGE>
                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                      Consolidated Statements of Cash Flows
                Increase (decrease) in Cash and Cash Equivalents
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>
                                                   =============================
                                                         Nine Months Ended
                                                            December 15,
                                                   -----------------------------
                                                       2003             2002
                                                   -----------------------------
<S>                                                <C>             <C>
Summarized below are the
  components of the gain on sale
  of properties:
Decrease in property and
  equipment, net of accumulated
  depreciation                                     $  6,565,853    $  6,081,229
Decrease in mortgage escrow
  deposits                                                    0         313,741
Decrease in prepaid expenses
  and other assets                                            0          18,876
Decrease in accounts receivable                               0           3,990
Decrease in deferred costs                                    0         188,591
Decrease in mortgage notes payable                   (6,377,743)    (12,801,444)
Decrease in accounts payable,
  accrued expenses and other
  liabilities                                          (553,650)       (152,804)
Decrease in due to general partners
  and affiliates                                        (45,000)        (37,980)
Decrease in due to local general
  partner and affiliates                               (892,675)              0
</TABLE>


          See accompanying notes to consolidated financial statements.

                                       8
<PAGE>

                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2003
                                   (Unaudited)

Note 1 - General

The  consolidated  financial  statements  for the nine months ended December 15,
2003 and 2002,  include  the  accounts  of  Liberty  Tax Credit  Plus L.P.  (the
"Partnership")  and  30 and  31  subsidiary  partnerships  (each  a  "subsidiary
partnership" or "Local Partnership"),  respectively, in which the Partnership is
a  limited  partner.  Through  the  rights of the  Partnership  and/or a general
partner of the  Partnership (a "General  Partner"),  which General Partner has a
contractual  obligation  to act on behalf  of the  Partnership,  to  remove  the
general partners of each subsidiary  partnership (the "local general  partners")
and to approve certain major operating and financial decisions,  the Partnership
has a  controlling  financial  interest  in  the  subsidiary  partnerships.  All
intercompany  accounts and transactions  with the subsidiary  partnerships  have
been eliminated in consolidation.

For financial  reporting  purposes,  the  Partnership's  fiscal  quarter ends on
December 15. All subsidiary  partnerships  have fiscal quarters ending September
30. Accounts of the subsidiary  partnerships have been adjusted for intercompany
transactions from October 1 through December 15. The Partnership's  quarter ends
on December 15 in order to allow adequate time for the  subsidiary  partnerships
financial  statements to be prepared and consolidated.  The books and records of
the Partnership are maintained on the accrual basis of accounting, in accordance
with generally accepted accounting principles ("GAAP").

In the opinion of the General  Partners,  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 December 15, 2003, the results of operations for the three and
nine months ended  December 15, 2003 and 2002 and cash flows for the nine months
ended December 15, 2003 and 2002. However,  the operating results and cash flows
for the nine months ended December 15, 2003 may not be indicative of the results
for the year.

Certain  information  and  note  disclosures  which  are  normally  included  in
financial  statements  prepared  in  accordance  with GAAP have been  omitted or
condensed. These consolidated financial statements should be read in conjunction

                                       9
<PAGE>
                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2003
                                   (Unaudited)


with the financial  statements and notes thereto  included in the  Partnership's
Annual Report on Form 10-K for the period ended March 15, 2003.

Increases  (decreases)  in  the  capitalization  of  consolidated   subsidiaries
attributable  to  minority  interest  arise  from  cash  contributions  and cash
distributions to the minority interest partners.

The  Partnership's  investment in each  subsidiary  partnership  is equal to the
respective  subsidiary  partnership's  partners'  equity less minority  interest
capital,  if any.  Losses  attributable  to minority  interests which exceed the
minority interests' investments in the subsidiary partnerships have been charged
to the  Partnership.  Such  losses  aggregate  approximately  $10,000 and $0 and
$10,000 and $0 for the three and nine months  ended  December 15, 2003 and 2002,
respectively.  In consolidation,  all subsidiary partnership losses are included
in the  Partnership's  capital  account except for losses  allocated to minority
interest capital.


Note 2 - Related Party Transactions

An affiliate of the General  Partners  has a 1% interest,  as a special  limited
partner,  in each of the  subsidiary  partnerships.  An affiliate of the General
Partners also has a minority interest in certain subsidiary partnerships.


                                       10
<PAGE>
                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2003
                                   (Unaudited)

The costs  incurred  to  related  parties  for the three and nine  months  ended
December 15, 2003 and 2002 were as follows:
<TABLE>
<CAPTION>
                                 Three Months Ended         Nine Months Ended
                                     December 15,              December 15,
                               -----------------------   -----------------------
                                  2003          2002        2003         2002
                               -----------------------   -----------------------
<S>                            <C>          <C>          <C>          <C>
Partnership manage-
  ment fees (a)                $  269,250   $  284,500   $  807,750   $  853,500
Expense reimburse-
  ment (b)                         59,865       44,620      142,014      109,551
Property management
  fees incurred to af-
  filiates of the Gen-
  eral Partners (c)                27,441       30,186       82,323       90,557
Local administrative
  fee (d)                          14,000       16,000       42,000       48,000
                               ----------   ----------   ----------   ----------
Total general and
  administrative-
  General Partners                370,556      375,306    1,074,087    1,101,608
                               ----------   ----------   ----------   ----------
Property manage-
  ment fees
  incurred to affili-
  ates of the local
  general partners (c)            290,333      294,470      886,238      909,588
                               ----------   ----------   ----------   ----------

Total general and
  administrative-
  related parties              $  660,889   $  669,776   $1,960,325   $2,011,196
                               ==========   ==========   ==========   ==========
</TABLE>


(a) The General  Partners are entitled to receive a partnership  management fee,
after payment of all Partnership expenses,  which together with the local annual
administrative  fees  will not  exceed a maximum  of 0.5% per annum of  invested
assets (as  defined in the  Partnership's  Amended  and  Restated  Agreement  of
Limited  Partnership),  for  administering  the affairs of the Partnership.  The
partnership  management  fee,  subject  to the  foregoing  limitation,  will  be
determined  by the General  Partners in their sole  discretion  based upon their
review of the Partnership's investments. Partnership management fees owed to the

                                       11
<PAGE>
                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2003
                                   (Unaudited)

General  Partners  amounting to  approximately  $7,708,000 and  $7,151,000  were
accrued and unpaid as of December 15, 2003 and March 15, 2003, respectively.

(b) The  Partnership  reimburses the General  Partners and their  affiliates for
actual Partnership operating expenses incurred by the General Partners and their
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 Partners performs asset monitoring for the Partnership.
These   services   include  site  visits  and   evaluations  of  the  subsidiary
partnerships' performance. Expense reimbursements and asset monitoring fees owed
to Related Credit Properties L.P., a General Partner, amounting to approximately
$45,000 and $61,000  were  accrued and unpaid as of December  15, 2003 and March
15, 2003, respectively.

The General Partners have allowed for the accrual without payment of the amounts
set forth in (a) and (b) but are under no obligation to continue to do so.

(c) Property management fees incurred by the subsidiary partnerships amounted to
$435,229 and  $455,627  and  $1,354,736  and  $1,439,879  for the three and nine
months ended December 15, 2003 and 2002,  respectively.  Of these fees, $290,333
and $294,470 and $886,238 and $909,588  were incurred to affiliates of the local
general partners. In addition,  $27,441 and $30,186 and $82,323 and $90,557 were
incurred to affiliates of the General Partners.

(d) Liberty  Associates  III L.P.,  a General  Partner  and the special  limited
partner  of  the  subsidiary  partnerships,  is  entitled  to  receive  a  local
administrative fee of up to $2,500 per year from each subsidiary partnership.


Note 3  - Sale of Properties

On May 19, 2003, the property and the related  assets and  liabilities of Silver
Blue Apartments,  LTD., ("Silver Blue") were sold to an unaffiliated third party
for a purchase price of $3,500,000  resulting a gain of approximately  $523,000.
The sale resulted in the liquidation of Silver Blue.

                                       12
<PAGE>
                          LIBERTY TAX CREDIT PLUS L.P.
                                AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 15, 2003
                                   (Unaudited)

On January 23,  2003,  the property and the related  assets and  liabilities  of
Ludlam Gardens  Apartments,  LTD.  ("Ludlam") were sold to an unaffiliated third
party for a  purchase  price of  $3,900,000  resulting  a gain of  approximately
$959,000. The sale resulted in the liquidation of Ludlam.

On January 16,  2003,  the property and the related  assets and  liabilities  of
Dixie Apartment  Associates,  LTD.  ("Dixie") were sold to an unaffiliated third
party for a  purchase  price of  $1,300,000  resulting  a gain of  approximately
$327,000. The sale resulted in the liquidation of Dixie.

On May 31, 2002, the Partnership sold its limited partnership  interest in Apple
Creek Housing  Associates,  Ltd. to an  unaffiliated  third party  purchaser for
$200,000 resulting in a gain of approximately $6,763,000.


Note 4 - Commitments and Contingencies

There  have  been  no  material  changes  and/or  additions  to the  disclosures
regarding the subsidiary  partnerships  which were included in the Partnership's
Annual  Report on Form 10-K for the fiscal year ended March 15, 2003,  except as
noted below.

Walnut Park Plaza Associates, L.P.
----------------------------------

In December 2003, Walnut Park Associates, L.P. ("Walnut Park") was in default on
its mortgage.  The  mortgagor is pursuing a foreclosure  action of the property.
The owner of the subordinate  bonds of Walnut Park has submitted in writing,  an
offer to purchase the debt held by the mortgagor  plus any accrued  interest and
penalties due to the default.  If such proposal is accepted,  then the mortgagor
will sell the property to the owner of the subordinate bonds in exchange for the
debt and will forgo the execution of the foreclosure.

                                       13
<PAGE>

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

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

The  Partnership's  capital has been  invested in 31 Local  Partnerships.  As of
December 15, 2003,  the  properties  and the related  assets and  liabilities of
three  Local  Partnerships  and the  limited  partnership  interest in one Local
Partnership  were sold. For a discussion of the sale of the Local  Partnerships,
see Note 3 to the financial statements.

The Partnership's  primary source of funds is cash distributions from operations
of the Local Partnerships in which the Partnership has invested.  Such funds are
available to meet obligations of the  Partnership.  During the nine months ended
December  15,  2003 and  2002,  such  distributions  amounted  to  approximately
$115,000 and $248,000,  respectively.  In addition,  partnership management fees
and  expense   reimbursements   owed  to  the  General  Partners   amounting  to
approximately  $7,753,000 and $7,212,000  were accrued and unpaid as of December
15,  2003 and  March 15,  2003,  respectively.  Without  the  General  Partners'
continued  accrual  without  payment of the  partnership  management  fees,  the
Partnership  will not be in a  position  to meet its  obligations.  The  General
Partners  have  allowed  for the  accrual  without  payment  of a portion of the
partnership management fees but are under no obligation to continue to do so.

For the nine months ended  December 15, 2003,  cash and cash  equivalents of the
Partnership and its  consolidated  Local  Partnerships  decreased  approximately
$1,063,000.  This  decrease is  attributable  to  improvements  to property  and
equipment  ($777,000),  principal repayment of mortgage notes  ($2,472,000),  an
increase in cash held in escrow relating to investing activities  ($218,000) and
a net  decrease in due to local  general  partners  and  affiliates  relating to
financing  activities  ($402,000)  which exceeded net cash provided by operating
activities   ($2,246,000),   an  increase  in   capitalization  of  consolidated
subsidiaries attributable to minority interest ($55,000) and proceeds from sales
of properties  ($505,000).  Included in adjustments to reconcile the net loss to
cash  provided by operating  activities  is  depreciation  and  amortization  of
approximately ($6,168,000) and gain on sale of properties of ($1,808,000).

For a discussion of contingencies affecting certain Local Partnerships, see Note
4 to the financial  statements.  Since the maximum loss the Partnership would be
liable for is its net  investment  in the  respective  Local  Partnerships,  the
resolution of the existing  contingencies  is not  anticipated  to impact future
results of  operations,  liquidity  or financial  condition  in a material  way.
However,  the  Partnership's  loss of its investment in a Local  Partnership may
result  in  recapture  of tax  credits  if the  investment  is lost  before  the

                                       14
<PAGE>


expiration of the applicable  compliance  period.  In December 2003, Walnut Park
Associates, L.P. ("Walnut Park") was in default on it mortgage. The mortgagor is
pursuing a foreclosure action of the property.  The compliance period for Walnut
Park has expired;  thus, tax credits relating to this Local Partnership will not
be subject to recapture.

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
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  Partnership's   portfolio  may  be  experiencing  upswings.   However,  the
geographic  diversification  of the portfolio may not protect  against a general
downturn in the national economy.

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 Partnership accounting policies included in Note 2 to
the consolidated financial statements in the annual report on Form 10-K.

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

                                       15
<PAGE>

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
undiscounted basis are below depreciated cost. At that time property investments
themselves are reduced to estimated fair value  (generally using discounted cash
flows).

At the time management  commits to a plan to dispose of assets,  said assets are
adjusted to the lower of carrying amount or fair value less costs to sell. These
assets  are  classified  as  property  and  equipment-held  for sale and are not
depreciated.  For the nine months ended December 15, 2003, the  Partnership  has
recorded property and equipment of $8,952,525 as held for sale.

Income Taxes
------------

The  Partnership  is not  required to provide  for, or pay,  any federal  income
taxes.  Net income or loss generated by the Partnership is passed through to the
partners and is required to be reported by them. The  Partnership may be subject
to state and local taxes in jurisdictions  in which it operates.  For income tax
purposes, the Partnership has a fiscal year ending December 31.

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

In  January  2003,  the  Financial   Accounting   Standards  Board  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. In December 2003 the FASB redeliberated certain proposed modifications and
revised FIN 46 ("FIN 46 (R)").  The revised  provisions  are applicable no later
than the first reporting period ending after March 15, 2004. The adoption of FIN
46 and  FIN  46  (R)  is not  anticipated  to  have  a  material  impact  on the
Partnership's financial reporting and disclosures.

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  was  effective  for all

                                       16
<PAGE>


financial  instruments  entered  into or modified  after May 31,  2003,  and was
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 of the Partnership, as well as the Local Partnerships,
remained fairly  consistent  during the three and nine months ended December 15,
2003 and 2002, excluding gain on sale of properties,  other income,  repairs and
maintenance,  operating,  insurance,  depreciation  and amortization and capital
events  with  respect  to  Ludlam,  Dixie and  Silver  Blue,  which  sold  their
respective properties and the related assets and liabilities and Apple Creek, in
which the Partnership sold its limited partnership interest (the "Sold Assets").
The results of operations  for the three and nine months ended December 15, 2003
and 2002 consisted  primarily of the results of the Partnership's  investment in
the consolidated Local Partnerships.

Rental income  decreased  approximately  3% and 5% for the three and nine months
ended  December  15,  2003 as  compared  to the  corresponding  periods in 2002.
Excluding the Sold Assets,  rental income  remained  fairly  consistent  for the
three and nine months ended December 15, 2003 and 2002.

Repairs and maintenance  increased  approximately  $338,000 and $465,000 for the
three and nine months ended  December 15, 2003 as compared to the  corresponding
periods in 2002.  Excluding the Sold Assets,  repairs and maintenance  increased
approximately $375,000 and $697,000,  primarily due to an increase in repair and
maintenance  contracts  and  materials  and  protection  contracts at four Local
Partnerships and the rehabilitation of apartments at a fifth Local Partnership.

Operating  increased  approximately  $53,000 and $411,000 for the three and nine
months ended December 15, 2003 as compared to the corresponding periods in 2002.
Excluding  the  Sold  Assets,  operating  increased  approximately  $94,000  and
$484,000, primarily due to an increase in gas prices at the Local Partnerships.

Insurance  increased  approximately  $21,000 and $197,000 for the three and nine
months ended December 15, 2003 as compared to the corresponding periods in 2002.
Excluding  the  Sold  Assets,  insurance  increased  approximately  $43,000  and
$213,000,  primarily  due to an  increase  in  insurance  premiums  at the Local
Partnerships.

                                       17
<PAGE>


Depreciation and amortization decreased  approximately $479,000 and $592,000 for
the  three  and  nine  months  ended  December  15,  2003,  as  compared  to the
corresponding  periods in 2002.  Excluding  the Sold  Assets,  depreciation  and
amortization decreased approximately $270,000 and $206,000, primarily due to the
write off of deferred costs  relating to the  refinancing of a loan at one Local
Partnership in 2002.

Financial decreased approximately $167,000 and $1,085,000 for the three and nine
months  ended  December 15, 2003,  as compared to the  corresponding  periods in
2002, primarily due to decreases relating to the Sold Assets.

Gains on sale of  properties  will  continue  to  fluctuate  as a result  of the
disposition of properties.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

None.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures
------------------------------------------------
The  Principal  Executive  Officer and  Principal  Financial  Officer of Related
Credit  Properties,  L.P. and Liberty  Associates  III, L.P., each of which is a
general  partner  of Liberty  Tax  Credit  Plus L.P.  (the  "Partnership"),  has
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 December 15, 2003 (the "Evaluation Date"). Based
on such evaluation,  such officer has concluded that, as of the Evaluation Date,
the Partnership's  disclosure  controls and procedures are effective in alerting
him, 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 December 15,
2003  which has  materially  affected,  or is  reasonably  likely to  materially
affect, such internal control over financial reporting.

                                       18
<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

          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).

          (b)   Reports on Form 8-K - None

                                       19
<PAGE>

                                   SIGNATURES

Pursuant  to the  requirements  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.

                          LIBERTY TAX CREDIT PLUS L.P.
                          ----------------------------
                                  (Registrant)

                               By: RELATED CREDIT PROPERTIES L.P.,
                                   a General Partner

                                   By: Related Credit Properties Inc.,
                                       its General Partner

Date: January 20, 2004
                                       By: /s/ Alan P. Hirmes
                                           ------------------
                                           Alan P. Hirmes,
                                           President and Chief Executive
                                           Officer
                                           (Principal Executive and Financial
                                           Officer)

Date: January 20, 2004
                                       By: /s/ Glenn F. Hopps
                                           ------------------
                                           Glenn F. Hopps,
                                           Treasurer
                                           (Principal Accounting Officer)

                               By: LIBERTY ASSOCIATES III, L.P.,
                                   a General Partner

                                   By: Related Credit Properties L.P.,
                                       its General Partner

                                       By: Related Credit Properties Inc.,
                                           its General Partner

Date: January 20, 2004
                                           By: /s/ Alan P. Hirmes
                                               ------------------
                                               Alan P. Hirmes,
                                               President and Chief
                                               Executive Officer
                                               (Principal Executive and
                                               Financial Officer)

Date: January 20, 2004
                                           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,  Principal  Executive Officer and Principal Financial Officer
of Related Credit Properties L.P. and Liberty Associates III, L.P. (the "General
Partners"),  each of which is a general  partner of Liberty Tax Credit Plus L.P.
(the "Partnership"), hereby certify that:

     1.  I have  reviewed  this  quarterly  report on Form  10-Q for the  period
         ending December 15, 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  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;

         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
<PAGE>

         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  December 15, 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 weakness in the design or
         operation  of internal  controls  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 controls over financial reporting.




                                           By: /s/ Alan P. Hirmes
                                               ------------------
                                               Alan P. Hirmes
                                               Principal Executive Officer and
                                               Principal Financial Officer
                                               January 20, 2004


<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 Liberty Tax Credit Plus L.P. (the
"Partnership")  on Form 10-Q for the period  ending  December  15, 2003 as filed
with the Securities and Exchange  Commission on the date hereof (the  "Report"),
I, Alan P. Hirmes,  Principal  Executive Officer and Principal Financial Officer
of Related Credit Properties L.P. and Liberty  Associates III, L.P., the general
partners 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
     January 20, 2004