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 September 30, 2019

or

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

For the transition period from _______ to _______

Commission file number        0-21718

BOSTON CAPITAL TAX CREDIT FUND III L.P.
(Exact name of registrant as specified in its charter)

Delaware	52-1749505
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

One Boston Place, Suite 2100, Boston, Massachusetts  02108
(Address of principal executive offices)           (Zip Code)

                   (617) 624-8900                   

(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

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 ý No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ý No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer □	Accelerated Filer □
Non-accelerated filer ý	Smaller Reporting Company ý
	Emerging Growth Company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  No ý

BOSTON CAPITAL TAX CREDIT FUND III L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2019

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
				Pages
	Item 1. Condensed Financial Statements
		Condensed Balance Sheets	4-9
		Condensed Statements of Operations	10-21
		Condensed Statements of Changes in  Partners' Capital (Deficit)	22-27
		Condensed Statements of Cash Flows	28-33
		Notes to Condensed Financial  Statements	34-46
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of  Operations		47-58
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		59
	Item 4. Controls and Procedures		59
PART II - OTHER INFORMATION
	Item 1. Legal Proceedings		60
	Item 1A. Risk Factors		60
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		60
	Item 3. Defaults Upon Senior Securities		60
	Item 4. Mine Safety Disclosures		60
	Item 5. Other Information		60
	Item 6. Exhibits		60
	Signatures		61

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

		September 30, 2019	March 31, 2019
ASSETS
INVESTMENTS IN OPERATING    PARTNERSHIPS(Note D)		$           -	$           -
Cash and cash equivalents		941,561	1,055,755
		$    941,561	$   1,055,755
LIABILITIES
Accounts payable & accrued expenses		$       6,500	$       4,500
Accounts payable affiliates (Note C)		10,779,247	10,780,391
Capital contributions payable (Note D)		18,554	18,554
		10,804,301	10,803,445
PARTNERS' CAPITAL (DEFICIT)
Assignees        Units of limited partnership     interest, $10 stated value per BAC;     22,000,000 authorized BACs; 21,996,102 issued and 21,695,581 outstanding as of September 30, 2019 and March 31, 2019	(10,771,022)		(10,657,123)
General Partner		908,282	909,433
		(9,862,740)	(9,747,690)
		$    941,561	$   1,055,755

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 15

		September 30, 2019	March 31, 2019
ASSETS
INVESTMENTS IN OPERATING    PARTNERSHIPS(Note D)		$          -	$          -
Cash and cash equivalents		-	-
		$    -	$    -
LIABILITIES
Accounts payable & accrued expenses		$          -	$          -
Accounts payable affiliates (Note C)		-	-
Capital contributions payable (Note D)		-	-
		-	-
PARTNERS' CAPITAL (DEFICIT)
Assignees        Units of limited partnership     interest, $10 stated value per    BAC; 22,000,000 authorized BACs;    3,870,500 issued and 3,810,700 outstanding as of September 30, 2019 and March 31, 2019	(2,439,314)		(2,439,314)
General Partner		2,439,314	2,439,314
		-	-
		$     -	$     -

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 16

	September 30, 2019	March 31, 2019
ASSETS
INVESTMENTS IN OPERATING    PARTNERSHIPS(Note D)	$          -	$          -
Cash and cash equivalents	142,167	191,974
	$    142,167	$    191,974
LIABILITIES
Accounts payable & accrued expenses	$      6,500	$      2,000
Accounts payable affiliates (Note C)	7,781,803	7,814,843
Capital contributions payable (Note D)	-	-
	7,788,303	7,816,843
PARTNERS' CAPITAL (DEFICIT)
Assignees        Units of limited partnership        interest, $10 stated value per    BAC; 22,000,000 authorized BACs;    5,429,402 issued and 5,332,500 outstanding as of September 30, 2019 and March 31, 2019	(7,103,067)	(7,082,013)
General Partner	(543,069)	(542,856)
	(7,646,136)	(7,624,869)
	$    142,167	$    191,974

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 17

		September 30, 2019		March 31, 2019
ASSETS
INVESTMENTS IN OPERATING    PARTNERSHIPS(Note D)	$          -		$          -
Cash and cash equivalents		560,110		607,576
		$    560,110		$    607,576
LIABILITIES
Accounts payable & accrued expenses		$          -		$      2,500
Accounts payable affiliates (Note C)		-		-
Capital contributions payable (Note D)		-		-
		-		2,500
PARTNERS' CAPITAL (DEFICIT)
Assignees        Units of limited partnership        interest, $10 stated value per    BAC; 22,000,000 authorized BACs;    5,000,000 issued and 4,938,247 outstanding as of September 30, 2019 and March 31, 2019		926,717		971,233
General Partner		(366,607)		(366,157)
		560,110		605,076
		$    560,110		$    607,576

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 18

	September 30, 2019		March 31, 2019
ASSETS
INVESTMENTS IN OPERATING    PARTNERSHIPS(Note D)		$          -		$          -
Cash and cash equivalents	239,284		256,205
	$    239,284		$    256,205
LIABILITIES
Accounts payable & accrued expenses	$          -		$          -
Accounts payable affiliates (Note C)	2,997,444		2,965,548
Capital contributions payable (Note D)	18,554		18,554
	3,015,998		2,984,102
PARTNERS' CAPITAL (DEFICIT)
Assignees        Units of limited partnership        interest, $10 stated value per    BAC; 22,000,000 authorized BACs;    3,616,200 issued and 3,558,134 outstanding as of September 30, 2019 and March 31, 2019	(2,438,719)		(2,390,390)
General Partner	(337,995)		(337,507)
	(2,776,714)		(2,727,897)
	$    239,284		$    256,205

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 19

		September 30, 2019	March 31, 2019
ASSETS
INVESTMENTS IN OPERATING    PARTNERSHIPS(Note D)	$          -			$          -
Cash and cash equivalents		-	-
		$     -	$     -
LIABILITIES
Accounts payable & accrued expenses		$          -	$          -
Accounts payable affiliates (Note C)		-	-
Capital contributions payable (Note D)		-	-
		-	-
PARTNERS' CAPITAL (DEFICIT)
Assignees        Units of limited partnership        interest, $10 stated value per    BAC; 22,000,000 authorized BACs;    4,080,000 issued and 4,056,000 outstanding as of September 30, 2019 and March 31, 2019		283,361	283,361
General Partner		(283,361)	(283,361)
		-	-
		$     -	$     -

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,
(Unaudited)

	2019	2018
Income
Interest income	$     3,290	$     2,891
Other income	6,000	100,693
	9,290	103,584
Gain on Disposition of Operating    Partnerships	47,500	-
Expenses
Professional fees	57,719	14,080
Fund management fee, net (Note C)	33,315	55,128
General and administrative expenses	25,732	36,624
	116,766	105,832
NET INCOME (LOSS)	$  (59,976)	$   (2,248)
Net income (loss) allocated to limited assignees	$  (59,376)	$   (2,225)
Net income (loss) allocated to general partner	$     (600)	$      (23)
Net income (loss) per BAC	$     (.00)	$       .00

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,
(Unaudited)

Series 15

	2019	2018
Income
Interest income	$         -	$        367
Other income	-	-
	-	367
Gain on Disposition of Operating    Partnerships	-	-
Expenses
Professional fees	-	2,960
Fund management fee, net (Note C)	-	8,772
General and administrative expenses	-	7,137
	-	18,869
NET INCOME (LOSS)	$    -	$   (18,502)
Net income (loss) allocated to limited assignees	$    -	$   (18,317)
Net income (loss) allocated to general partner	$       -	$      (185)
Net income (loss) per BAC	$     -	$      (.00)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,
(Unaudited)

Series 16

	2019	2018
Income
Interest income	$        474	$        415
Other income	-	1,677
	474	2,092
Gain on Disposition of Operating    Partnerships	47,500	-
Expenses
Professional fees	21,287	3,200
Fund management fee, net (Note C)	15,523	16,271
General and administrative expenses	10,032	8,160
	46,842	27,631
NET INCOME (LOSS)	$    1,132	$   (25,539)
Net income (loss) allocated to limited assignees	$    1,121	$   (25,284)
Net income (loss) allocated to general partner	$       11	$      (255)
Net income (loss) per BAC	$     .00	$      (.00)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,
(Unaudited)

Series 17

	2019	2018
Income
Interest income	$      2,102	$      1,294
Other income	-	98,000
	2,102	99,294
Gain on Disposition of Operating    Partnerships	-	-
Expenses
Professional fees	16,089	2,480
Fund management fee, net (Note C)	8,844	12,219
General and administrative expenses	9,076	7,541
	34,009	22,240
NET INCOME (LOSS)	$   (31,907)	$     77,054
Net income (loss) allocated to limited assignees	$   (31,588)	$     76,284
Net income (loss) allocated to general partner	$      (319)	$        770
Net income (loss) per BAC	$      (.01)	$        .02

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,
(Unaudited)

Series 18

	2019	2018
Income
Interest income	$        714	$        496
Other income	6,000	933
	6,714	1,429
Gain on Disposition of Operating    Partnerships	-	-
Expenses
Professional fees	20,343	2,900
Fund management fee, net (Note C)	8,948	15,448
General and administrative expenses	6,624	6,841
	35,915	25,189
NET INCOME (LOSS)	$   (29,201)	$   (23,760)
Net income (loss) allocated to limited assignees	$   (28,909)	$   (23,522)
Net income (loss) allocated to general partner	$      (292)	$      (238)
Net income (loss) per BAC	$     (.01)	$      (.01)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,
(Unaudited)

Series 19

	2019	2018
Income
Interest income	$         -	$       319
Other income	-	83
	-	402
Gain on Disposition of Operating    Partnerships	-	-
Expenses
Professional fees	-	2,540
Fund management fee, net (Note C)	-	2,418
General and administrative expenses	-	6,945
	-	11,903
NET INCOME (LOSS)	$    -	$  (11,501)
Net income (loss) allocated to limited assignees	$    -	$  (11,386)
Net income (loss) allocated to general partner	$       -	$     (115)
Net income (loss) per BAC	$     -	$     (.00)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,
(Unaudited)

	2019	2018
Income
Interest income	$     6,548	$     6,597
Other income	7,133	110,969
	13,681	117,566
Gain on Disposition of Operating    Partnerships	47,500	841,020
Expenses
Professional fees	57,719	103,137
Fund management fee, net (Note C)	71,434	108,538
General and administrative expenses	47,078	58,684
	176,231	270,359
NET INCOME (LOSS)	$ (115,050)	$   688,227
Net income (loss) allocated to limited assignees	$ (113,899)	$   681,345
Net income (loss) allocated to general partner	$   (1,151)	$     6,882
Net income (loss) per BAC	$     (.01)	$       .03

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 15

	2019	2018
Income
Interest income	$         -	$        800
Other income	-	-
	-	800
Gain on Disposition of Operating    Partnerships	-	12,500
Expenses
Professional fees	-	21,240
Fund management fee, net (Note C)	-	15,912
General and administrative expenses	-	11,384
	-	48,536
NET INCOME (LOSS)	$    -	$   (35,236)
Net income (loss) allocated to limited assignees	$    -	$   (34,884)
Net income (loss) allocated to general partner	$       -	$      (352)
Net income (loss) per BAC	$     -	$      (.01)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,
(Unaudited)

Series 16

	2019	2018
Income
Interest income	$        930	$        864
Other income	200	1,878
	1,130	2,742
Gain on Disposition of Operating    Partnerships	47,500	-
Expenses
Professional fees	21,287	24,625
Fund management fee, net (Note C)	30,350	30,756
General and administrative expenses	18,260	13,358
	69,897	68,739
NET INCOME (LOSS)	$   (21,267)	$   (65,997)
Net income (loss) allocated to limited assignees	$   (21,054)	$   (65,337)
Net income (loss) allocated to general partner	$      (213)	$      (660)
Net income (loss) per BAC	$      (.00)	$      (.01)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,
(Unaudited)

Series 17

	2019	2018
Income
Interest income	$      4,296	$      2,132
Other income	-	108,075
	4,296	110,207
Gain on Disposition of Operating    Partnerships	-	-
Expenses
Professional fees	16,089	22,812
Fund management fee, net (Note C)	16,688	21,438
General and administrative expenses	16,485	12,127
	49,262	56,377
NET INCOME (LOSS)	$   (44,966)	$     53,830
Net income (loss) allocated to limited assignees	$   (44,516)	$     53,292
Net income (loss) allocated to general partner	$      (450)	$        538
Net income (loss) per BAC	$      (.01)	$        .01

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 18

	2019	2018
Income
Interest income	$      1,322	$      2,168
Other income	6,933	933
	8,255	3,101
Gain on Disposition of Operating    Partnerships)	-	815,520
Expenses
Professional fees	20,343	18,675
Fund management fee, net (Note C)	24,396	33,499
General and administrative expenses	12,333	10,839
	57,072	63,013
NET INCOME (LOSS)	$   (48,817)	$    755,608
Net income (loss) allocated to limited assignees	$   (48,329)	$    748,052
Net income (loss) allocated to general partner	$      (488)	$      7,556
Net income (loss) per BAC	$      (.01)	$        .21

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,
(Unaudited)

Series 19

	2019	2018
Income
Interest income	$         -	$       633
Other income	-	83
	-	716
Gain on Disposition of Operating    Partnerships	-	13,000
Expenses
Professional fees	-	15,785
Fund management fee, net (Note C)	-	6,933
General and administrative expenses	-	10,976
	-	33,694
NET INCOME (LOSS)	$    -	$  (19,978)
Net income (loss) allocated to limited assignees	$    -	$  (19,778)
Net income (loss) allocated to general partner	$       -	$     (200)
Net income (loss) per BAC	$     -	$     (.00)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2019 and 2018

(Unaudited)

	Assignees	General Partner	Total
Partners' capital   (deficit)   April 1, 2018	$(11,248,474)	$ (1,887,085)	$(13,135,559)
Net income (loss)	683,570	6,905	690,475
Partners' capital   (deficit),   June 30, 2018	(10,564,904)	$ (1,880,180)	(12,445,084)
Net income (loss)	(2,226)	(22)	(2,248)
Partners' capital   (deficit),   September 30, 2018	$(10,567,129)	$ (1,880,203)	$(12,447,332)
	Assignees	General Partner	Total
Partners' capital   (deficit)   April 1, 2019	$(10,657,123)	$  909,433	$(9,747,690)
Net income (loss)	(54,523)	(551)	(55,074)
Partners' capital   (deficit),   June 30, 2019	(10,711,646)	908,882	(9,802,764)
Net income (loss)	(59,376)	(600)	(59,976)
Partners' capital   (deficit),   September 30, 2019	$(10,771,022)	$  908,282	$(9,862,740)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2019 and 2018

(Unaudited)

	Assignees	General Partner	Total
Series 15
Partners' capital   (deficit)   April 1, 2018	$ (2,440,269)	$ (350,093)	$ (2,790,362)
Net income (loss)	(16,567)	(167)	(16,734)
Partners' capital   (deficit),   June 30, 2018	(2,456,836)	(350,260)	(2,807,096)
Net income (loss)	(18,317)	(185)	(18,502)
Partners' capital   (deficit),   September 30, 2018	$ (2,475,153)	$ (350,445)	$ (2,825,598)
Series 15
Partners' capital   (deficit)   April 1, 2019	$ (2,439,314)	$ 2,439,314	$  -
Net income (loss)	-	-	-
Partners' capital   (deficit),   June 30, 2019	(2,439,314)	2,439,314	-
Net income (loss)	-	-	-
Partners' capital   (deficit),   September 30, 2019	$ (2,439,314)	$ 2,439,314	$  -

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2019 and 2018

(Unaudited)

	Assignees	General Partner	Total
Series 16
Partners' capital   (deficit)   April 1, 2018	$ (7,029,717)	$ (542,328)	$ (7,572,045)
Net income (loss)	(40,053)	(405)	(40,458)
Partners' capital   (deficit),   June 30, 2018	(7,069,770)	(542,733)	(7,612,503)
Net income (loss)	(25,284)	(255)	(25,539)
Partners' capital   (deficit),   September 30, 2018	$ (7,095,054)	$ (542,988)	$ (7,638,042)
Series 16
Partners' capital   (deficit)   April 1, 2019	$ (7,082,013)	$ (542,856)	$ (7,624,869)
Net income (loss)	(22,175)	(224)	(22,399)
Partners' capital   (deficit),   June 30, 2019	(7,104,188)	(543,080)	(7,647,268)
Net income (loss)	1,121	11	1,132
Partners' capital   (deficit),   September 30, 2019	$ (7,103,067)	$ (543,069)	$ (7,646,136)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2019 and 2018

(Unaudited)

	Assignees	General Partner	Total
Series 17
Partners' capital   (deficit)   April 1, 2018	$     895,356	$  (366,923)	$     528,433
Net income (loss)	(22,992)	(232)	(23,224)
Partners' capital   (deficit),   June 30, 2018	872,364	(367,155)	505,209
Net income (loss)	76,284	770	77,054
Partners' capital   (deficit),   September 30, 2018	$     948,648	$  (366,385)	$     582,263
Series 17
Partners' capital   (deficit)   April 1, 2019	$     971,233	$  (366,157)	$     605,076
Net income (loss)	(12,928)	(131)	(13,059)
Partners' capital   (deficit),   June 30, 2019	958,305	(366,288)	592,017
Net income (loss)	(31,588)	(319)	(31,907)
Partners' capital   (deficit),   September 30, 2019	$     926,717	$  (366,607)	$     560,110

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2019 and 2018

(Unaudited)

	Assignees	General Partner	Total
Series 18
Partners' capital   (deficit)   April 1, 2018	$ (3,137,537)	$  (345,054)	$ (3,482,591)
Net income (loss)	771,574	7,794	779,368
Partners' capital   (deficit),   June 30, 2018	(2,365,963)	(337,260)	(2,703,223)
Net income (loss)	(23,522)	(238)	(23,760)
Partners' capital   (deficit),   September 30, 2018	$ (2,389,485)	$  (337,498)	$ (2,726,983)
Series 18
Partners' capital   (deficit)   April 1, 2019	$ (2,390,390)	$  (337,507)	$ (2,727,897)
Net income (loss)	(19,420)	(196)	(19,616)
Partners' capital   (deficit),   June 30, 2019	(2,409,810)	(337,703)	(2,747,513)
Net income (loss)	(28,909)	(292)	(29,201)
Partners' capital   (deficit),   September 30, 2019	$ (2,438,719)	$  (337,995)	$ (2,776,714)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2019 and 2018

(Unaudited)

	Assignees	General Partner	Total
Series 19
Partners' capital   (deficit)   April 1, 2018	$    463,693	$ (282,687)	$    181,006
Net income (loss)	(8,392)	(85)	(8,477)
Partners' capital   (deficit),   June 30, 2018	455,301	(282,772)	172,529
Net income (loss)	(11,386)	(115)	(11,501)
Partners' capital   (deficit),   September 30, 2018	$    443,915	$ (282,887)	$    161,028

	Assignees	General Partner	Total
Series 19
Partners' capital   (deficit)   April 1, 2019	$    283,361	$ (283,361)	$     -
Net income (loss)	-	-	-
Partners' capital   (deficit),   June 30, 2019	283,361	(283,361)	-
Net income (loss)	-	-	-
Partners' capital   (deficit),   September 30, 2019	$    283,361	$ (283,361)	$     -

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

	2019	2018
Cash flows from operating activities:
Net Income (Loss)	$  (115,050)	$   688,227
Adjustments to reconcile net income      (loss) to net cash provided by (used in)operating activities
Gain on Disposition of          Operating Partnerships	(47,500)	(841,020)
Changes in assets and liabilities
(Decrease) Increase in accounts         payable and accrued expenses	2,000	(2,000)
(Decrease) Increase in accounts         payable affiliates	(1,144)	(1,040,288)
Net cash provided by (used in)         operating activities	(161,694)	(1,195,081)
Cash flows from investing activities:
Proceeds from the disposition of      Operating Partnerships	47,500	841,020
Net cash provided by      investing activities	47,500	841,020
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(114,194)	(354,061)
Cash and cash equivalents, beginning	1,055,755	1,632,938
Cash and cash equivalents, ending	$   941,561	$  1,278,877

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 15

	2019	2018
Cash flows from operating activities:
Net Income (Loss)	$    -	$   (35,236)
Adjustments to reconcile net income      (loss) to net cash provided by (used in)operating activities
Gain on Disposition of          Operating Partnerships	-	(12,500)
Changes in assets and liabilities
(Decrease) Increase in accounts         payable and accrued expenses	-	-
(Decrease) Increase in accounts         payable affiliates	-	(43,126)
Net cash provided by (used in)         operating activities	-	(90,862)
Cash flows from investing activities:
Proceeds from the disposition of      Operating Partnerships	-	12,500
Net cash provided by      investing activities	-	12,500
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	-	(78,362)
Cash and cash equivalents, beginning	-	244,074
Cash and cash equivalents, ending	$    -	$    165,712

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 16

		2019		2018
Cash flows from operating activities:
Net Income (Loss)		$    (21,267)		$   (65,997)
Adjustments to reconcile net income      (loss) to net cash provided by (used in)operating activities
Gain on Disposition of          Operating Partnerships		(47,500)		-
Changes in assets and liabilities
(Decrease) Increase in accounts         payable and accrued expenses		4,500		(2,000)
(Decrease) Increase in accounts         payable affiliates		(33,040)		(115,641)
Net cash provided by (used in)         operating activities		(97,307)		(183,638)
Cash flows from investing activities:
Proceeds from the disposition of      Operating Partnerships		47,500		-
Net cash provided by      investing activities		47,500		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(49,807)		(183,638)
Cash and cash equivalents, beginning	191,974		320,396
Cash and cash equivalents, ending	$    142,167		$   136,758

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 17

		2019		2018
Cash flows from operating activities:
Net Income (Loss)		$    (44,966)		$     53,830
Adjustments to reconcile net income      (loss) to net cash provided by (used in)operating activities
Gain on Disposition of          Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts         payable and accrued expenses		(2,500)		-
(Decrease) Increase in accounts         payable affiliates		-		-
Net cash provided by (used in)         operating activities		(47,466)		53,830
Cash flows from investing activities:
Proceeds from the disposition of      Operating Partnerships		-		-
Net cash provided by      investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(47,466)		53,830
Cash and cash equivalents, beginning	607,576		536,326
Cash and cash equivalents, ending	$    560,110		$    590,156

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 18

	2019	2018
Cash flows from operating activities:
Net Income (Loss)	$  (48,817)	$  755,608
Adjustments to reconcile net income      (loss) to net cash provided by (used in)operating activities
Gain on Disposition of          Operating Partnerships	-	(815,520)
Changes in assets and liabilities
(Decrease) Increase in accounts         payable and accrued expenses	-	-
(Decrease) Increase in accounts         payable affiliates	31,896	(881,521)
Net cash provided by (used in)         operating activities	(16,921)	(941,433)
Cash flows from investing activities:
Proceeds from the disposition of      Operating Partnerships	-	815,520
Net cash provided by      investing activities	-	815,520
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(16,921)	(125,913)
Cash and cash equivalents, beginning	256,205	351,136
Cash and cash equivalents, ending	$   239,284	$   225,223

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 19

		2019		2018
Cash flows from operating activities:
Net Income (Loss)		$    -		$   (19,978)
Adjustments to reconcile net income      (loss) to net cash provided by (used in)operating activities
Gain on Disposition of          Operating Partnerships		-		(13,000)
Changes in assets and liabilities
(Decrease) Increase in accounts         payable and accrued expenses		-		-
(Decrease) Increase in accounts         payable affiliates		-		-
Net cash provided by (used in)         operating activities		-		(32,978)
Cash flows from investing activities:
Proceeds from the disposition of      Operating Partnerships		-		13,000
Net cash provided by      investing activities		-		13,000
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	-		(19,978)
Cash and cash equivalents, beginning	-		181,006
Cash and cash equivalents, ending	$    -		$    161,028

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS
September 30, 2019

(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund III L.P. (the "Fund") was formed under the laws of the State of Delaware as of September 19, 1991 for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring, and as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates III L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC III Assignor Corp., a Delaware corporation which is wholly-owned by Herbert F. Collins and John P. Manning.
Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective January 24, 1992 which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner.  The Fund registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series.  On September 4, 1993 the Fund filed an amendment to Form S-11 with the Securities and Exchange Commission which registered an additional 2,000,000 BACs at $10 per BAC for sale to the public in one or more series. The registration for the additional BACs became effective on October 6, 1993. Offers and sales of BACs in Series 15 through 19 of the Fund were completed and the last of the BACs in Series 15, 16, 17, 18 and 19 were issued by the Fund on September 26, 1992, December 28, 1992, September 17, 1993, September 22, 1993, and December 17, 1993, respectively.  The Fund sold 3,870,500 of Series 15 BACs, for a total of $38,705,000; 5,429,402 of Series 16 BACs, for a total of $54,293,000; 5,000,000 of Series 17 BACs, for a total of $50,000,000; 3,616,200 of Series 18 BACs, for a total of $36,162,000; and 4,080,000 of Series 19 BACs, for a total of $40,800,000.  As of September 30, 2019, 3,810,700 BACs in Series 15, 5,332,500 BACs in Series 16, 4,938,247 BACs in Series 17, 3,558,134 BACs in Series 18, and 4,056,000 BACs in Series 19, respectively, are outstanding. The Fund issued the last BACs in Series 19 on December 17, 1993.  This concluded the Public Offering of the Fund.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2019

(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements included herein as of September 30, 2019 and for the three and six months then ended have been prepared by the Fund, without audit. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.  Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.  

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2019.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2019

(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of its general partner, including Boston Capital Holdings LP, Boston Capital Partners, Inc., and Boston Capital Asset Management Limited Partnership, as follows:

An annual fund management fee, based on .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships, has been accrued to Boston Capital Asset Management Limited Partnership.  Since reporting fees collected by the series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the three months ended September 30, 2019 and 2018 are as follows:

	2019	2018
Series 15	$  -	$  8,772
Series 16	18,480	20,021
Series 17	8,844	12,219
Series 18	15,948	15,948
Series 19	-	3,168
	$ 43,272	$ 60,128

The fund management fees paid for the three months ended September 30, 2019 and 2018 are as follows:

	2019	2018
Series 15	$  -	$  62,500
Series 16	70,000	80,083
Series 17	8,844	12,219
Series 18	-	100,000
Series 19	-	3,168
	$ 78,844	$ 257,970

The fund management fees paid for the six months ended September 30, 2019 and 2018 are as follows:

	2019	2018
Series 15	$  -	$   62,500
Series 16	70,000	155,683
Series 17	17,688	24,438
Series 18	-	915,520
Series 19	-	7,683
	$ 87,688	$1,165,824

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2019

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2019 and 2018, the Fund had limited partnership interests in 20 and 35 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at September 30, 2019 and 2018 is as follows:

	2019	2018
Series 15	-	8
Series 16	8	12
Series 17	2	4
Series 18	10	10
Series 19	-	1
	20	35

Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships.  These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.  The contributions payable at September 30, 2019 and 2018 are as follows:

	2019	2018
Series 15	$      -	$      -
Series 16	-	-
Series 17	-	7,893
Series 18	18,554	18,554
Series 19	-	-
	$ 18,554	$ 26,447

During the six months ended September 30, 2019 the Fund disposed of three Operating Partnerships. A summary of the dispositions by Series for September 30, 2019 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition		Gain on Disposition
Series 15	-	-	$	-	$	-
Series 16	3	-		47,500		47,500
Series 17	-	-		-		-
Series 18	-	-		-		-
Series 19	-	-		-		-
Total	3	-	$	47,500	$	47,500

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2019

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

During the six months ended September 30, 2018 the Fund disposed of four Operating Partnerships. A summary of the dispositions by Series for September 30, 2018 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition		Gain on Disposition
Series 15	1	-	$	12,500	$	12,500
Series 16	-	-		-		-
Series 17	-	-		-		-
Series 18	1	-		815,520		815,520
Series 19	2	-		13,000		13,000
Total	4	-	$	841,020	$	841,020

The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund's investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the condensed financial statements.

The Fund's fiscal year ends March 31st of each year, while all the Operating Partnerships' fiscal years are the calendar year.  Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnerships quarterly period.  Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2019.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2019

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

	2019	2018
Revenues
Rental	$  2,019,266	$  3,039,627
Interest and other	31,102	60,035
	2,050,368	3,099,662
Expenses
Interest	281,723	347,505
Depreciation and amortization	485,006	742,101
Operating expenses	1,634,700	2,477,569
	2,401,429	3,567,175
NET LOSS	$  (351,061)	$  (467,513)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.	$  (347,549)	$  (462,837)
Net loss allocated to other     Partners	$    (3,512)	$    (4,676)

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2019

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 15

	2019	2018
Revenues
Rental	$     -	$    502,625
Interest and other	-	10,626
	-	513,251
Expenses
Interest	-	36,618
Depreciation and amortization	-	122,439
Operating expenses	-	424,667
	-	583,724
NET LOSS	$    -	$   (70,473)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.	$    -	$   (69,768)
Net loss allocated to other     Partners	$       -	$      (705)

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2019

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 16

	2019	2018
Revenues
Rental	$   922,631	$  1,062,557
Interest and other	9,347	12,948
	931,978	1,075,505
Expenses
Interest	101,770	119,051
Depreciation and amortization	206,056	250,911
Operating expenses	680,663	813,932
	988,489	1,183,894
NET LOSS	$   (56,511)	$  (108,389)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.	$   (55,946)	$  (107,305)
Net loss allocated to other     Partners	$     (565)	$    (1,084)

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2019

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 17

	2019	2018
Revenues
Rental	$    421,068	$    579,160
Interest and other	7,653	11,751
	428,721	590,911
Expenses
Interest	63,503	53,055
Depreciation and amortization	119,488	171,868
Operating expenses	366,393	423,392
	549,384	648,315
NET LOSS	$  (120,663)	$   (57,404)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.	$  (119,455)	$   (56,829)
Net loss allocated to other     Partners	$    (1,208)	$      (575)

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2019

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 18

	2019	2018
Revenues
Rental	$    675,567	$     805,458
Interest and other	14,102	16,959
	689,669	822,417
Expenses
Interest	116,450	132,168
Depreciation and amortization	159,462	191,985
Operating expenses	587,644	715,697
	863,556	1,039,850
NET LOSS	$   (173,887)	$   (217,433)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P	$   (172,148)	$   (215,259)
Net loss allocated to other     Partners	$     (1,739)	$     (2,174)

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2019

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited))

Series 19

	2019	2018
Revenues
Rental	$     -	$     89,827
Interest and other	-	7,751
	-	97,578
Expenses
Interest	-	6,613
Depreciation and amortization	-	4,898
Operating expenses	-	99,881
	-	111,392
NET LOSS	$    -	$   (13,814)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.	$    -	$   (13,676)
Net loss allocated to other     Partners	$       -	$      (138)

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2019
(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss is expected to differ from its loss for financial reporting purposes.  This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.  

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions which must be considered for disclosure.Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2015 remain open.

NOTE G - SUBSEQUENT EVENTS

Subsequent to September 30, 2019, the Fund has entered into an agreement to transfer the interest in four operating limited partnerships. The estimated transfer price and other terms for the dispositions of the operating limited partnerships have been determined. The estimated proceeds to be received for the operating limited partnerships are $50,000. The estimated gain on the transfer of the operating limited partnerships are $40,000 and are expected to be recognized in the third quarter of fiscal year ending March 31, 2020.

Boston Capital Tax Credit Fund III L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2019
(Unaudited)

NOTE H - Plan of Liquidation

On March 30, 2016, our General Partner recommended that the BAC holders approve a plan of liquidation and dissolution for the Partnership, or the "Plan." The Plan was approved by the BAC holders on June 1, 2016, and was adopted by the General Partner on June 1, 2016. Pursuant to the Plan, the General Partner would be able to, without further action by the BAC holders:

• liquidate the assets and wind up the business of the Partnership;

• make liquidating distributions in cancellation of the BACs, if any;

• dissolve the Partnership after the sale of all of the Partnership's assets; and

• take, or cause the Partnership to take, such other acts and deeds and shall do, or cause the Partnership to do, such other things, as are necessary or appropriate in connection with the dissolution, winding up and liquidation of the Partnership, the termination of the responsibilities and liabilities of the Partnership under applicable law, and the termination of the existence of the Partnership.

Since the approval of the Plan by the BAC holders, we have continued to seek to sell the assets of the Partnership and use the sale proceeds and/or other Partnership funds to pay all expenses in connection with such sales, pay or make provision for payment of all Partnership obligations and liabilities, including accrued fees, and unpaid loans to the General Partner, and distribute the remaining assets as set forth in the Partnership Agreement. We expect to complete the sale of the apartment complexes approximately three to five years after the BAC holders approval of the Plan, which was June 1, 2016. However, because of numerous uncertainties, the liquidation may take longer or shorter than expected, and the final liquidating distributions, if any, may occur months after all of the apartment complexes of any given Series have been sold. As liquidation is not imminent, the Partnership will continue to report as a going concern.

For additional information regarding the sale of Partnership assets, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Annual Report on Form 10-K.

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

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2019. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund's primary source of funds was the proceeds of its Public Offering.  Other sources of liquidity include (i) interest earned on capital contributions unpaid for the six months ended September 30, 2019 or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has invested and (iii) proceeds received from the dispositions of the Operating Partnership that are returned to fund reserves.  These sources of liquidity, along with the Fund's working capital reserve, are available to meet the obligations of the Partnership.  The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended September 30, 2019 were $43,272 and total fund management fees accrued as of September 30, 2019 were $10,779,247. During the three months ended September 30, 2019, $78,844 of accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships, which will be used to satisfy these liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund.  The Fund is currently unaware of any trends which would create insufficient liquidity to meet future third party obligations of the Fund.

Capital Resources

The Fund offered BACs in a Public Offering declared effective by the Securities and Exchange Commission on January 24, 1992.  The Fund received $38,705,000, $54,293,000, $50,000,000, $36,162,000 and $40,800,000 representing 3,870,500, 5,429,402, 5,000,000, 3,616,200 and 4,080,000 BACs from investors admitted as BAC Holders in Series 15, Series 16, Series 17, Series 18, and Series 19, respectively.  The Public Offering was completed on December 17, 1993.

(Series 15)  The Fund commenced offering BACs in Series 15 on January 24, 1992.  Offers and sales of BACs in Series 15 were completed on September 26, 1992.  The Fund has committed proceeds to pay initial and additional installments of capital contributions to 68 Operating Partnerships in the amount of $28,257,701. Series 15 has since sold its interest in 68 of the Operating Partnerships.

During the quarter ended September 30, 2019, none of Series 15 net offering proceeds were used to pay capital contributions. No additional net offering proceeds remain to be used by the Fund to pay capital contributions to the Operating Partnerships that Series 15 has invested in as of September 30, 2019.

(Series 16)  The Fund commenced offering BACs in Series 16 on July 13, 1992. Offers and sales of BACs in Series 16 were completed on December 28, 1992. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 64 Operating Partnerships in the amount of $39,579,774. Series 16 has since sold its interest in 56 of the Operating Partnerships.

During the quarter ended September 30, 2019, none of Series 16 net offering proceeds were used to pay capital contributions.  No additional net offering proceeds remain to be used by the Fund to pay capital contributions to the Operating Partnerships that Series 16 has invested in as of September 30, 2019.

(Series 17)  The Fund commenced offering BACs in Series 17 on January 24, 1993.  Offers and sales of BACs in Series 17 were completed on September 17, 1993. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 49 Operating Partnerships in the amount of $36,538,204. Series 17 has since sold its interest in 47 of the Operating Partnerships.

During the quarter ended September 30, 2019, none of Series 17 net offering proceeds were used to pay capital contributions.  No additional net offering proceeds remain to be used by the Fund to pay capital contributions to the Operating Partnerships that Series 16 has invested in as of September 30, 2019.

(Series 18)  The Fund commenced offering BACs in Series 18 on September 17, 1993. Offers and sales of BACs in Series 18 were completed on September 22, 1993. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 34 Operating Partnerships in the amount of $26,442,202. Series 18 has since sold its interest in 24 of the Operating Partnerships.

During the quarter ended September 30, 2019, none of Series 18 net offering proceeds were used to pay capital contributions.  Series 18 has contributions payable to 2 Operating Partnerships in the amount of $18,554 as of September 30, 2019. The remaining contributions will be released to the Operating Partnerships when they have achieved the conditions set forth in their partnership agreements.

(Series 19) The Fund commenced offering BACs in Series 19 on October 8, 1993. Offers and sales of BACs in Series 19 were completed on December 17, 1993.  The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnerships in the amount of $29,614,506. Series 19 has since sold its interest in 26 of the Operating Partnerships.

During the quarter ended September 30, 2019, none of Series 19 net offering proceeds were used to pay capital contributions. No additional net offering proceeds remain to be used by the Fund to pay capital contributions to the Operating Partnerships that Series 19 has invested in as of September 30, 2019.

Results of Operations

As of September 30, 2019 and 2018, the Fund held limited partnership interests in 20 and 35 Operating Partnerships, respectively.  In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit.  Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy."  Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K.  The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund incurs a fund management fee to Boston Capital Asset Management Limited Partnership (formerly Boston Capital Communications Limited Partnership), or BCAMLP, in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and six months ended September 30, 2019 are as follows:

	3 Months Gross Fund Management Fee	3 Months Reporting Fee	3 Months Fund Management Fee Net of Reporting Fee
Series 15	$   -	$    -	$    -
Series 16	18,480	2,957	15,523
Series 17	8,844	-	8,844
Series 18	15,948	7,000	8,948
Series 19	-	-	-
	$ 43,272	$   9,957	$  33,315

	6 Months Gross Fund Management Fee	6 Months Reporting Fee	6 Months Fund Management Fee Net of Reporting Fee
Series 15	$   -	$    -	$    -
Series 16	36,960	6,610	30,350
Series 17	17,688	1,000	16,688
Series 18	31,896	7,500	24,396
Series 19	-	-	-
	$ 86,544	$  15,110	$  71,434

The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest.  The Fund's investments in Operating Partnerships have been made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Series 15

As of September 30, 2018, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of September 30, 2019.

For the six month periods ended September 30, 2019 and 2018, Series 15 reflects a net loss from Operating Partnerships of $- and $(70,473), respectively, which includes depreciation and amortization of $- and $122,439, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In June 2018, the investment general partner transferred its interest in Beckwood Manor Eight Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,096,290 and cash proceeds to the investment partnership of $16,000. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $12,500 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $12,500 as of June 30, 2018.

In December 2018, the investment general partner transferred its interest in Livingston Plaza, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $571,663 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 15. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded as of December 31, 2018.

In November 2018, the investment general partner transferred its interest in Arkansas City Properties Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $702,880 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $22,000 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $22,000 as of December 31, 2018.

In November 2018, the investment general partner transferred its interest in Barton Village Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $446,257 and cash proceeds to the investment partnership of $13,500. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $11,500 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $11,500 as of December 31, 2018.

In December 2018, the investment general partner transferred its interest in Bergen Meadows Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $835,862 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 15. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the" RRN") with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 20 years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the terms of the RRN. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded as of December 31, 2018.

In August 2018, the operating general partner of Healdton Properties, A Limited Partnership entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on December 3, 2018. The sales price of the property was $672,878, which included the outstanding mortgage balance of approximately $598,864 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received by the investment partnership, $2,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $22,000 will be returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $22,000 as of December 31, 2018.

In November 2018, the investment general partner transferred its interest in Greenwood Village Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $582,786 and cash proceeds to the investment partnership of $18,000. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $16,000 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $16,000 as of December 31, 2018.

In November 2018, the investment general partner transferred its interest in Marshall Lane Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $481,516 and cash proceeds to the investment partnership of $13,500. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $11,500 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $11,500 as of December 31, 2018.

In November 2018, the investment general partner transferred its interest in Whitewater Village Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $458,677 and cash proceeds to the investment partnership of $13,500. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $11,500 were returned to cash reserves held by Series 15. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $11,500 as of December 31, 2018.

Series 16

As of September 30, 2019 and 2018, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at September 30, 2019, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2019 and 2018, Series 16 reflects a net loss from Operating Partnerships of $(56,511) and $(108,389), respectively, which includes depreciation and amortization of $206,056 and $250,911, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In March 2019, the investment general partner transferred its interest in Fairmeadow Apartments Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $764,288 and cash proceeds to the investment partnership of $72,000. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $70,000 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $70,000 as of March 31, 2019.

In September 2019, the investment general partner transferred its interest in Canterfield of Denmark, A Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $669,915 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $2,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $13,000 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $13,000 as of September 30, 2019.

In September 2019, the investment general partner transferred its interest in Westend Manor of Union Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $854,321 and cash proceeds to the investment partnership of $21,000. Of the total proceeds received, $2,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $19,000 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $19,000 as of September 30, 2019.

In September 2019, the investment general partner transferred its interest in Westville Properties II, A Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $521,006 and cash proceeds to the investment partnership of $18,000. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $15,500 were returned to cash reserves held by Series 16. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $15,500 as of September 30, 2019.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Anson Limited Partnership

Greenfield Properties, LP

Series 17

As of September 30, 2019 and 2018, the average Qualified Occupancy for the series was 100%.  The series had a total of 2 properties at September 30, 2019, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2019 and 2018, Series 17 reflects a net loss from Operating Partnerships of $(120,663) and $(57,404), respectively, which includes depreciation and amortization of $119,488 and $171,868, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In December 2018, the investment general partner transferred its interest in Cairo Housing Company I to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $935,638 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,500 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $21,500 as of December 31, 2018.

In February 2019, the investment general partner transferred its interest in Voorheesville Housing Company I Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $963,982 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,500 were returned to cash reserves held by Series 17. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $21,500 as of March 31, 2019. In addition, equity outstanding for the Operating Partnership in the amount of $7,893 for Series 17 was recorded as gain on the transfer of the Operating Partnership as of March 31, 2019.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Brewer Street Apartments

Series 18

As of September 30, 2019 and 2018 the average Qualified Occupancy for the series was 100%.  The series had a total of 10 properties at September 30, 2019, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2019 and 2018, Series 18 reflects a net loss from Operating Partnerships of $(173,887) and $(217,433), respectively, which includes depreciation and amortization of $159,462 and $191,985, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In April 2017, the investment general partner of Series 18 and Boston Capital Tax Credit Fund IV - Series 20 transferred their respective interests in Virginia Avenue Affordable Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $499,989 and cash proceeds to the investment partnerships of $823,080 and $156,777 for Series 18 and Series 20, respectively. Of the total proceeds received, $7,560 and $1,440, for Series 18 and Series 20, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $815,520 and $155,337, for Series 18 and Series 20, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $815,520 and $155,337, for Series 18 and Series 20, respectively, as of June 30, 2018.

In October 2019, the investment general partner transferred its interest in Humboldt I, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $636,861 and cash proceeds to the investment partnership of $11,920. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,420 were returned to cash reserves held by Series 18. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

In October 2019, the investment general partner transferred its interest in Marengo Park Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $634,633 and cash proceeds to the investment partnership of $14,280. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $11,780 were returned to cash reserves held by Series 18. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

In October 2019, the investment general partner transferred its interest in Newton I, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $700,331 and cash proceeds to the investment partnership of $14,280. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $11,780 were returned to cash reserves held by Series 18. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

In October 2019, the investment general partner transferred its interest in Oskaloosa I, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $418,690 and cash proceeds to the investment partnership of $9,520. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $7,020 were returned to cash reserves held by Series 18. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Natchitoches Elderly Apartments, Limited Partnership

Leesville Elderly Apartments, an LA Partnership

Series 19

As of September 30, 2018, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of September 30, 2019.

For the six month periods ended September 30, 2019 and 2018, Series 19 reflects a net loss from Operating Partnerships of $- and $(13,814), respectively, which includes depreciation and amortization of $- and $4,898, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In April 2018, the investment general partner transferred its interest in Madison Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $571,026 and no cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 19. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of June 30, 2018.

In May 2018, the investment general partner transferred its interest in Summerset Housing Limited Partnership to entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $839,048 and cash proceeds to the investment partnership of $15,500. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $13,000 will be returned to cash reserves held by Series 19. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $13,000 as of June 30, 2018.

In December 2018, the investment general partner transferred its interest in Carrollton Villa, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,477,678 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 19. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2018.

Off Balance Sheet Arrangements

None.

Principal Accounting Policies and Estimates

The condensed financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund's financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Fund is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

If the book value of the Fund's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors.  A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE. 

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations.  However, management does not consolidate the Fund's interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities.  The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund's balance in investment in Operating Partnerships plus advances made to Operating Partnerships represents its maximum exposure to loss.  The Fund's exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying Housing Complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Item 3.	Quantitative and Qualitative Disclosures About Market Risk
	Not Applicable

Item 4.	Controls and Procedures
	(a)	Evaluation of Disclosure Controls and Procedures
		As of the end of the period covered by this report, the Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of C&M Management Inc., carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.
	(b)	Changes in Internal Controls
		There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended September 30, 2019 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings
	None
Item 1A.	Risk Factors
	There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2019.
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	None
Item 3.	Defaults upon Senior Securities
	None
Item 4.	Mine Safety Disclosures
	Not Applicable
Item 5.	Other Information
	None
Item 6.	Exhibits
	(a)Exhibits
		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith BCTC III CERT 302
		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein BCTC III CERT 302
		32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herein BCTC III CERT 906
		32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein BCTC III CERT 906 101. The following materials from the Boston Capital Tax Credit Fund III, L.P. Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2019 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herein

SIGNATURES

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Fund has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Boston Capital Tax Credit Fund III L.P.
	By:	Boston Capital Associates III L.P.
		General Partner
	By:	BCA Associates Limited Partnership,
		General Partner
	By:	C&M Management Inc.,
		General Partner
Date: November 13, 2019	By:	/s/ John P. Manning
		John P. Manning

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated:

DATE:	SIGNATURE:	TITLE:
November 13, 2019	/s/ John P. Manning	Director, President (Principal Executive Officer) C&M Management Inc.; Director, President (Principal Executive Officer) BCTC III Assignor Corp.
	John P. Manning

DATE:	SIGNATURE:	TITLE:
November 13, 2019	/s/ Marc N. Teal	Director, President (Principal Executive Officer) C&M Management Inc.; Director, President (Principal Executive Officer) BCTC III Assignor Corp.
	Marc N. Teal