UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

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

For The Quarterly Period Ended                                  December 31, 2004

Commission File Number                                                       0-17711

                                                                        Gateway Tax Credit Fund, Ltd.
                                                    (Exact name of Registrant as specified in its charter)

                     Florida                                                                                                               59-2852555
         (State or other jurisdiction of                                                                          (IRS Employer No.)
          incorporation or organization)

            880 Carillon Parkway,           St. Petersburg,         Florida                                   33716
               (Address of principal executive offices)                                                            (Zip Code)

Registrant's Telephone Number, Including Area Code:                          (727) 567-4830

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the Registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
                                                                                        YES      X         NO_____

                                                                                                                                                   Number of Units
    Title of Each Class                                                                                                            December 31, 2004
Units of Limited Partnership
Interest:  $1,000 per unit                                                                                                                25,566

DOCUMENTS INCORPORATED BY REFERENCE

Parts I and II, 2004 Form 10-K, filed with the
Securities and Exchange Commission on July 13, 2004
Parts III and IV - Form S-11 Registration Statement
and all amendments and supplements thereto
File No. 33-18142

PART I - Financial Information
Item 1. Financial Statements

GATEWAY TAX CREDIT FUND, LTD.

(A Florida Limited Partnership)
COMBINED BALANCE SHEETS

	December 31, 2004 ------------------------ (Unaudited)	March 31, 2004 ------------------- (Audited)
ASSETS Current Assets: Cash and Cash Equivalents Accounts Receivable Investments in Securities Prepaid Insurance Tenant Security Deposits Total Current Assets Investments in Project Partnerships, Net Replacement Reserves Rental Property at Cost, Net Total Assets LIABILITIES AND PARTNERS' DEFICIT Current Liabilities: Payable to General Partners Accounts Payable Accrued Real Estate Taxes Tenant Security Deposits Total Current Liabilities Long-Term Liabilities: Payable to General Partners Mortgage Notes Payable Total Long Term Liabilities Minority Interest in Local Limited Partnerships Partners' Deficit: Limited Partners (25,566 units outstanding at December 31 and March 31, 2004) General Partners Total Partners' Deficit Total Liabilities and Partners' Deficit	$ 707,212 51,261 0 177 6,678 ----------- 765,328 1,393,536 21,771 697,407 ------------ $ 2,878,042 ========= $ 263,525 628 15,852 5,700 ------------ 285,705 ------------ 2,992,626 1,225,073 ------------ 4,217,699 ------------ (68,901) ------------ (1,347,458) (209,003) ------------ (1,556,461) ------------ $ 2,878,042 =========	$ 1,092,672 8,409 139,045 93 6,316 ----------- 1,246,535 1,355,760 16,524 741,289 ----------- $ 3,360,108 ========= $ 493,330 3,757 12,001 5,800 ----------- 514,888 ----------- 2,839,013 1,225,073 ----------- 4,064,086 ----------- (68,518) ----------- (945,406) (204,942) ----------- (1,150,348) ----------- $ 3,360,108 =========

GATEWAY TAX CREDIT FUND LTD 10-Q