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 15, 1999

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 Securi-
ties 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  ____


<PAGE>
<TABLE>
PART I - Financial Information

Item 1.  Financial Statements

LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
<CAPTION>

                                June 15,                       March 15,
                                 1999                            1999
<S>                               <C>                             <C>

ASSETS
Property and equipment, at cost,
  net of accumulated depreciation
  of $92,491,885 and $90,282,855,
  respectively                  $165,091,114          $167,048,236
Cash and cash equivalents          3,658,555             3,824,051
Cash held in escrow               10,708,725            10,347,465
Accounts receivable - tenants        609,902               797,885
Deferred costs - net of accumulated
  amortization of $4,164,718
  and $4,100,618, respectively     3,318,501             3,382,601
Other assets                       1,443,446             1,233,370
Total assets                    $184,830,243          $186,633,608

LIABILITIES AND PARTNERS' DEFICIT
Liabilities:
Mortgage notes payable          $157,549,141          $158,224,324
Accounts payable and other
  liabilities                      9,630,247             8,922,248
Due to local general partners and
  affiliates                      14,944,530            14,835,837
Due to general partners and
  affiliates                       4,894,052             4,567,075
Due to selling partners              981,509             1,009,374
Total liabilities                187,999,479           187,558,858


Minority interest                  3,364,218             3,561,993

Commitments and contingencies
  (Note 4)

Partners' (deficit):
Limited partners (15,987.5 BACs
  issued and outstanding)         (5,738,275)           (3,712,526)
General partners                    (795,179)             (774,717)
Total partners' (deficit)         (6,533,454)           (4,487,243)
Total liabilities and partners'
  (deficit)                     $184,830,243          $186,633,608

See Accompanying Notes to Consolidated Financial Statements.
</TABLE>

<PAGE>
<TABLE>
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
<CAPTION>

                                          Three Months Ended
                                               June 15,
                                       1999                  1998*
<S>                                     <C>                   <C>

Revenues
Rental income                     $ 8,477,869          $ 8,446,189
Other                                 250,574              260,773
                                    8,728,443            8,706,962

Expenses
General and administrative          1,567,396            1,460,292
General and administrative-
  related parties (Note 2)            668,543              623,458
Repairs and maintenance             1,361,382            1,280,281
Operating and other                 1,181,771            1,283,003
Taxes                                 368,198              360,026
Insurance                             323,719              309,956
Financial                           3,142,455            3,714,973
Depreciation and amortization       2,273,130            2,293,202

Total expenses                     10,886,594           11,325,191

Loss before minority interest      (2,158,151)          (2,618,229)

Minority interest in loss of
  subsidiaries                        111,940               95,647

Net loss                          $(2,046,211)         $(2,522,582)

Net loss-limited partners         $(2,025,749)         $(2,497,356)

Number of BACs outstanding           15,987.5             15,987.5

Net loss per BAC                $     (126.71)       $     (156.21)

*Reclassified for comparative purposes.
See Accompanying Notes to Consolidated Financial Statements.
</TABLE>

<PAGE>
<TABLE>
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Consolidated Statement of Changes in Partners' (Deficit)
 (Unaudited)
<CAPTION>


                                             Limited          General
                             Total          Partners          Partners
<S>                           <C>              <C>              <C>

Partners'
  (deficit) -
  March 16, 1999          $(4,487,243)      $(3,712,526)        $(774,717)

Net loss                   (2,046,211)       (2,025,749)          (20,462)

Partners'
  (deficit) -
  June 15, 1999           $(6,533,454)      $(5,738,275)        $(795,179)

See Accompanying Notes to Consolidated Financial Statements.
</TABLE>

<PAGE>
<TABLE>
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Increase (decrease) in Cash and Cash Equivalents
(Unaudited)
<CAPTION>

                                          Three Months Ended
                                               June 15,
                                       1999                  1998
<S>                                     <C>                   <C>

Cash flows from
  operating activities:

Net loss                             $(2,046,211)          $(2,522,582)
Adjustments to reconcile net loss
  to net cash provided
  by operating activities:
Depreciation and amortization          2,273,130             2,293,202
Minority interest in loss of
  subsidiaries                          (111,940)             (95,647)
Decrease in accounts
  receivable-tenants                     187,983               29,430
Increase in other assets                (210,076)            (194,951)
Increase in accounts payable and
  other liabilities                      707,999              592,161
Increase in due to general partners
  and affiliates                         326,977              131,443
(Increase) decrease in cash held
  in escrow                             (273,520)             298,231

Net cash provided by
  operating activities                   854,342              531,287

Cash flows from investing activities:

Increase in cash held in escrow          (87,740)           (568,002)
Improvements to property and
  equipment                             (251,908)            (81,561)

Net cash used in investing activities   (339,648)           (649,563)

Cash flows from financing activities:

Increase in deferred costs                     0             (99,486)
Decrease in due to selling partners      (27,865)            (44,094)
Proceeds from mortgage notes                   0          10,600,000
Repayments of mortgage notes            (675,183)         (6,615,717)
Increase in due to local general
  partners and affiliates                224,532             291,453
Decrease in due to local general
  partners and affiliates               (115,839)            (38,011)
Decrease in capitalization of
  consolidated subsidiaries
  attributable to minority interest      (85,835)         (2,169,331)

Net cash (used in) provided by
  financing activities                  (680,190)          1,924,814

Net (decrease) increase in cash and cash
  equivalents                           (165,496)          1,806,538

Cash and cash equivalents at
  beginning of period                  3,824,051           2,852,210

Cash and cash equivalents at
  end of period                      $ 3,658,555         $ 4,658,748

See Accompanying Notes to Consolidated Financial Statements.
</TABLE>

<PAGE>
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
June 15, 1999
(Unaudited)

Note 1 - General


The consolidated financial statements include the accounts of
Liberty Tax Credit Plus L.P. (the "Partnership") and 31 subsidiary
partnerships ("subsidiary partnerships" or Local Partnerships) in
which the Partnership is a limited partner.  Through the rights of
the Partnership and/or a general partner of the Partnership ("Gen-
eral Partner"), which General Partner has a contractual obligation
to act on behalf of the Partnership, to remove the local general
partner of the subsidiary partnerships and to approve certain ma-
jor operating and financial decisions, the Partnership has a con-
trolling financial interest in the subsidiary partnerships.  All inter-
company accounts and transactions with the subsidiary partner-
ships have been eliminated in consolidation.

For financial reporting purposes the Partnership's fiscal quarter
ends on June 15.  All subsidiary partnerships have fiscal quarters
ending March 31.  Accounts of the subsidiary partnerships have
been adjusted for intercompany transactions from April 1 through
June 15.  The Partnership's quarter ends on June 15, in order to
allow adequate time for the subsidiary partnerships financial
statements to be prepared and consolidated.  The books and rec-
ords 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 unau-
dited financial statements contain all adjustments (consisting only
of normal recurring adjustments) necessary to present fairly the
financial position of the Partnership as of June 15, 1999 and the
results of operations and cash flows for the three months ended
June 15, 1999 and 1998.  However, the operating results for the
three months ended June 15, 1999 may not be indicative of the
results for the year.

Certain information and note disclosures normally included in
financial statements prepared in accordance with generally ac-
cepted accounting principals have been omitted or condensed.
These consolidated financial statements should be read in conjunc-
tion with the financial statements and notes thereto included in
the Partnership's Annual Report on Form 10-K for the period
ended March 15, 1999.

Increases (decreases) in the capitalization of consolidated subsidi-
ary partnerships attributable to minority interest arise from cash
contributions from 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 minor-
ity interests which exceed the minority interests' investment in
subsidiary partnerships have been charged to the Partnership.
Such losses aggregated $64,000 and $56,000 for the three months
ended June 15, 1999 and 1998, 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 sub-
sidiary partnerships.

<TABLE>
The costs incurred to related parties for the three months ended
June 15, 1999 and 1998 were as follows:
<CAPTION>
                                      	     Three Months Ended
	                                                June 15,
	                                          1999                  1998*
<S>                                         <C>                   <C>
Partnership management fees (a)           $284,500          $284,500
Expense reimbursement (b)                   33,796            22,000
Property management fees incurred
  to affiliates of the
  General Partners (c)                     307,634           275,152
Local administrative fee (d)                18,500            19,000
Total general and administrative-
  General Partners                         644,430           600,652
Property management fees incurred
  to affiliates of the subsidiary
  partnerships' general partners (c)        24,113            22,806

Total general and administrative-
  related parties                         $668,543          $623,458
</TABLE>
*Reclassified for comparative purposes.

(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 Agreement), for administering the affairs of the
Partnership.  The partnership management fee, subject to the fore-
going 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 General
Partners amounting to approximately $4,298,000 and $4,014,000
were accrued and unpaid as of June 15, 1999 and March 15, 1999,
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 Partner-
ship.  These services include site visits and evaluations of the sub-
sidiary partnerships' performance.  Expense reimbursements and
asset monitoring fees owed to Related Credit Properties L.P.
amounting to approximately $120,000 and $75,000 were accrued
and unpaid as of June 15, 1999 and March 15, 1999, respectively.

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

(c)  Property management fees incurred by subsidiary partnerships
amounted to $473,898 and $431,338 for the three months ended
June 15, 1999 and 1998, respectively.  Of these fees $307,634 and
$275,152 were incurred to affiliates of the subsidiary partnerships'
general partners.  In addition, $24,113 and $22,806 were incurred
to affiliates of the General Partners.

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

Note 3 - Mortgage Note Payable

In April 1998, Bayridge Associates, L.P. ("Bayridge") refinanced its
mortgage note payable of approximately $6,150,000.  The new
mortgage note in the amount of $10,600,000 paid off the former
mortgage note and paid a distribution from refinancing proceeds
of approximately $1,904,000 to the Partnership.  This new mort-
gage bears interest at the rate of 6.96% per annum and is payable
in monthly installments of $70,238 which includes principal and
interest.  Any remaining principal and interest shall be due and
payable May 1, 2008.

Note 4 - Commitments and Contingencies

There have not been any 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, 1999.


<PAGE>
Item 2.  Management's Discussion and Analysis of Financial Con-
dition and Results of Operations

Liquidity and Capital Resources

The Partnership's capital has been invested in 31 Local Partner-
ships.

The Partnership's primary sources of funds are the cash distribu-
tions from operations of the Local Partnerships in which the Part-
nership has invested.  These sources are available to meet obliga-
tions of the Partnership.  During the three months ended June 15,
1999 and 1998 such distributions amounted to approximately
$56,000 and $1,883,000, respectively.  To date, the General Partners
and their affiliates have advanced funds totaling approximately
$7,000 and $9,000 at June 15, 1999 and March 15, 1999 respec-
tively, to meet the Partnership's third party obligations.  In addi-
tion, certain fees and expense reimbursements owed to the Gen-
eral Partners amounting to approximately $4,408,000 and
$4,089,000 were accrued and unpaid as of June 15, 1999 and March
15, 1999, respectively.  Without the General Partners' advances
and continued accrual without payment of certain fees and ex-
pense reimbursements, the Partnership will not be in a position to
meet its obligations.  The General Partners have continued ad-
vancing and allowing the accrual without payment of these
amounts but are under no obligation to continue to do so.

For the three months ended June 15, 1999, cash and cash equiva-
lents of the Partnership and its 31 subsidiary partnerships de-
creased approximately $165,000.  This decrease is attributable to
and increase in property and equipment ($252,000), an increase in
cash held in escrow for investing activities ($88,000), repayments
of mortgage notes ($675,000), a decrease in due to selling partners
($28,000) and a decrease in capitalization of consolidated subsidi-
aries attributable to minority interest ($86,000) which exceeded
cash provided by operating activities ($854,000) and a net increase
in due to local general partners and affiliates ($109,000).  Included
in adjustments to reconcile the net loss to cash provided by oper-
ating activities is depreciation and amortization of approximately
$2,273,000.

For a discussion of contingencies affecting certain Local Partner-
ships, 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 con-
tingencies 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 will
eliminate the ability to generate future tax credits from such Local
Partnership and may also result in recapture of tax credits if the
investment is lost before the expiration of the compliance period.

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 coun-
try is experiencing downturns in the economy, the remaining
properties in the portfolio may be experiencing upswings.  How-
ever, the geographic diversifications of the portfolio may not pro-
tect against a general downturn in the national economy.

All 31 Local Partnerships fully have or had their tax credits in
place.  The tax credits are attached to the project for a period of ten
years and are transferable with the property during the remainder
of such ten year period.  If the General Partners determined that a
sale of a property is warranted, the remaining tax credits would
transfer to the new owner, thereby adding significant value to the
property on the market, which are not included in the financial
statement carrying amount.  The Local Partnership's tax credits
will expire over the next two years.

Results of Operations

Results of operations for the three months ended June 15, 1999 and
1998 consisted primarily of the results of the Partnership's invest-
ment in the consolidated Local Partnerships.

Rental income increased less than 1% for the three months ended
June 15, 1999 as compared to the corresponding period in 1998
primarily due to rental rate increases.

Total expenses excluding financial remained fairly consistent with
an increase of approximately 2% for the three months ended June
15, 1999 as compared to the corresponding period in 1998.

Financial decreased approximately $573,000 for the three months
ended June 15, 1999 as compared to the corresponding period in
1998 primarily due to a prepayment penalty from the Bayridge
Associates, L.P. mortgage note refinancing in the first quarter of
1998.

Year 2000 Compliance

The Partnership utilizes the computer services of affiliates of the
General Partners.  The affiliates of the General Partners have up-
graded their computer information systems to be year 2000 com-
pliant.  The most likely worst case scenario that the General Part-
ners face is that computer operations will be suspended for a few
days to a week commencing on January 1, 2000.  The Partnership's
contingency plan is to have (i) a complete backup done on De-
cember 31, 1999 and (ii) both electronic and printed reports gener-
ated for all critical data up to and including December 31, 1999.

In regard to third parties, the General Partners are in the process
of evaluating the potential adverse impact that could result from
the failure of material service providers to be year 2000 compliant.
A detailed survey and assessment was sent to material third par-
ties in the fourth quarter of 1998.  The Partnership has received
assurances from a majority of the material service providers with
which it interacts that they have addressed the year 2000 issues
and is evaluating these assurances for their adequacy and accu-
racy.  In cases where the Partnership has not received assurances
from third parties, it is initiating further mail and/or phone corre-
spondence.  The Partnership relies heavily on third parties and is
vulnerable to the failures of third parties to address their year 2000
issues.  There can be no assurance given that the third parties will
adequately address their year 2000 issues.


<PAGE>
PART II.  OTHER INFORMATION

Item 1.	Legal Proceedings - None

Item 2.	Changes in Securities - 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:

		27	Financial Data Schedule (filed herewith)

	(b)	Reports on Form 8-K - None


<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:  July 13, 1999
			By:	/s/ Alan P. Hirmes
				Alan P. Hirmes,
				Vice President
				(Principal Financial Officer)

Date:  July 13, 1999
			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:  July 13, 1999
			By:	/s/ Alan P. Hirmes
				Alan P. Hirmes,
				Vice President
				(Principal Financial Officer)

Date:  July 13, 1999
			By:	/s/ Glenn F. Hopps
				Glenn F. Hopps,
				Treasurer
				(Principal Accounting Officer)