<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial information extracted from the financial
statements for Liberty Tax Credit Plus III L.P. and is qualified in its entirety
by reference to such financial statements
</LEGEND>
<CIK> 0000843076
<NAME> LIBERTY TAX CREDIT PLUS III L.P.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2001
<PERIOD-START> APR-01-2000
<PERIOD-END> SEP-30-2000
<CASH> 20,258,070
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,294,953
<PP&E> 307,534,074
<DEPRECIATION> 102,825,468
<TOTAL-ASSETS> 230,918,669
<CURRENT-LIABILITIES> 82,497,423
<BONDS> 193,392,728
0
0
<COMMON> 0
<OTHER-SE> (44,971,482)
<TOTAL-LIABILITY-AND-EQUITY> 230,918,669
<SALES> 0
<TOTAL-REVENUES> 17,997,747
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 17,258,195
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 7,943,667
<INCOME-PRETAX> (7,103,730)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (7,103,730)
<EPS-BASIC> (50.56)
<EPS-DILUTED> 0
</TABLE>