UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q



     [x ] Quarterly  Report  Pursuant  to Section 13 or 15(d) of the  Securities
Exchange Act of 1934

For the quarterly period ended                September 30, 2003
                              --------------------------------------------------

     [ ]  Transition  Report  Pursuant to Section 13 or 15(d) of the  Securities
Exchange Act of 1934

Commission File Number                               333-37504
                      ----------------------------------------------------------

                          ICON Income Fund Eight B L.P.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


            Delaware                                     13-4101114
--------------------------------------------------------------------------------
(State or other jurisdiction of             (IRS Employer Identification Number)
incorporation or organization)


 100 Fifth Avenue,  New York, New York                      10011
--------------------------------------------------------------------------------
 (Address of principal executive offices)                (Zip code)


                                 (212) 418-4700
--------------------------------------------------------------------------------
               Registrant's telephone number, including area code



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. [ x] Yes [ ] No

Indicate  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Exchange Act Rule 12b-2) [ ] Yes [x] No








<PAGE>



PART I - FINANCIAL INFORMATION
------------------------------
Item 1.  Financial Statements


                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

                      Condensed Consolidated Balance Sheets


                                                   September 30,    December 31,
                                                       2003             2002
                                                       ----             ----
                                                    (unaudited)

         Assets
         ------

Cash and cash equivalents                        $   2,150,519    $   8,499,026
                                                 -------------    -------------

Investment in finance leases
   Minimum rents receivable                         19,183,209       24,504,820
   Estimated unguaranteed residual values            2,194,842        2,711,893
   Initial direct costs, net                           275,834          457,189
   Unearned income                                  (2,586,490)      (3,824,928)
                                                 -------------    -------------
                                                    19,067,395       23,848,974
                                                 -------------    -------------

Investment in operating leases
   Equipment, at cost                              193,034,566      166,325,943
   Accumulated depreciation and amortization       (35,433,057)     (23,591,192)
                                                 -------------    -------------
                                                   157,601,509      142,734,751
                                                 -------------    -------------

Equipment held for sale or lease, net                  611,669        1,211,669
                                                 -------------    -------------

Investment in unconsolidated joint ventures          6,506,152        7,290,793
Due from affiliates                                    304,080            3,532
Investment in unguaranteed residual values             460,297        2,342,589
Investment in option                                 2,100,000        2,100,000
Other assets, net                                    1,240,891        1,377,413
                                                 -------------    -------------

Total assets                                     $ 190,042,512    $ 189,408,747
                                                 =============    =============












                                                        (continued on next page)
<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

                Condensed Consolidated Balance Sheets - Continued

<TABLE>
<CAPTION>



                                                                        September 30,      December 31,
                                                                           2003              2002
                                                                           ----              ----
                                                                        (unaudited)

         Liabilities and Partners' Equity
         --------------------------------

<S>                                                                    <C>               <C>
Notes payable - non-recourse                                           $ 139,994,064     $ 133,231,339
Note payable - recourse                                                      400,000           400,000
Due to affiliates                                                            217,207           224,167
Deferred rental income                                                     3,375,223           534,840
Security deposits and other liabilities                                    1,872,129           863,059
Minority interests in consolidated joint ventures                          1,575,569         1,334,947
                                                                       -------------     -------------

      Total liabilities                                                  147,434,192       136,588,352
                                                                       -------------     -------------

Commitment and Contingencies

Partners' equity (deficit)
   General Partner                                                          (226,482)         (125,713)
   Limited Partners (746,526.39 and 748,445.85 units outstanding,
      $100 per unit original issue price)                                 42,834,802        52,946,108
                                                                       -------------     -------------
   Total partners' equity                                                 42,608,320        52,820,395
                                                                       -------------     -------------
Total liabilities and partners' equity                                 $ 190,042,512     $ 189,408,747
                                                                       =============     =============

</TABLE>





















See accompanying notes to condensed consolidated financial statements.
<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

                 Condensed Consolidated Statements of Operations

                                                      (unaudited)


<TABLE>
<CAPTION>

                                                           Three Months                       Nine Months
                                                        Ended September 30,               Ended September 30,
                                                      2003             2002              2003            2002
                                                      ----             ----              ----            ----
<S>                                             <C>               <C>              <C>               <C>
Revenues

   Rental income                                $   5,457,298     $   5,634,449    $  16,703,527     $  16,452,664
   Finance income                                     498,738           665,077        1,590,795         2,123,377
   Net gain on sale of equipment                       10,033           166,306           21,828           407,890
   Income from investments in
     unconsolidated joint ventures                    107,035            48,190          246,356           310,997
   Interest income and other                            3,628            13,821           19,457            41,488
                                                -------------     -------------     ------------      ------------

   Total revenues                                   6,076,732         6,527,843       18,581,963        19,336,416
                                                -------------     -------------     ------------      ------------

Expenses

   Depreciation                                     4,697,297         3,686,757       13,313,166        10,663,674
   Interest                                         1,881,472         1,988,314        5,633,365         5,376,706
   Management fees - General Partner                  503,790           532,732        1,698,373         1,667,406
   Administrative expense
     reimbursements - General Partner                 229,672           244,209          785,107           747,887
   General and administrative                       1,123,846           115,022        1,631,431           414,059
   Amortization of initial direct costs                56,989            70,410          181,354           221,727
   Minority interest in consolidated
      joint ventures                                  (88,004)           36,852         (111,576)          177,381
                                                -------------     -------------    -------------     -------------

   Total expenses                                   8,405,062         6,674,296       23,131,220        19,268,840
                                                -------------     -------------    -------------     -------------

Net (loss) income                               $  (2,328,330)    $    (146,453)   $  (4,549,257)    $      67,576
                                                -------------     -------------    --------------    -------------

Net (loss) income allocable to:
    Limited Partners                            $  (2,305,047)    $    (144,988)   $  (4,503,764)    $      66,900
    General Partner                                   (23,283)           (1,465)         (45,493)              676
                                                -------------     -------------    -------------     -------------

                                                $  (2,328,330)    $    (146,453)   $  (4,549,257)    $      67,576
                                                =============     =============    =============     =============

Weighted average number of limited
   partnership units outstanding                      746,526           749,496          747,525           749,765
                                                =============     =============    =============     =============

Net (loss) income per weighted average
   limited partnership unit                     $      (3.09)     $       (0.19)   $      (6.03)     $        0.09
                                                ============      =============    ============      =============

</TABLE>


See accompanying notes to condensed consolidated financial statements.
<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

         Condensed Consolidated Statement of Changes in Partners' Equity

                      Nine Months Ended September 30, 2003
                                   (unaudited)

                                   Limited Partner Distributions
                                   -----------------------------

<TABLE>
<CAPTION>

                                      Return of    Investment           Limited        General
                                       Capital       Income            Partners        Partner              Total
                                       -------       ------            --------        -------              -----
                                   (Per weighted average unit)

<S>                                   <C>           <C>          <C>                <C>              <C>
Balance at
   January 1, 2003                                               $      52,946,108  $   (125,713)    $     52,820,395

Cash distributions to partners        $  7.32       $   -               (5,472,294)      (55,276)          (5,527,570)

Limited partnership units
  redeemed (1,919.46 units)                                               (135,248)       -                  (135,248)

Net loss                                                                (4,503,764)      (45,493)          (4,549,257)
                                                                  ----------------   -----------     ----------------

Balance at
   September 30, 2003                                            $      42,834,802   $  (226,482)    $     42,608,320
                                                                 =================   ===========     ================

</TABLE>

























See accompanying notes to condensed consolidated financial statements.
<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

                 Condensed Consolidated Statements of Cash Flows

                         Nine Months Ended September 30,

                                   (unaudited)


<TABLE>
<CAPTION>

                                                                                2003             2002
                                                                                ----             ----

<S>                                                                        <C>               <C>
Cash flows from operating activities:
   Net (loss) income                                                       $  (4,549,257)    $      67,576
                                                                           -------------     -------------
   Adjustments to reconcile net (loss) income to
     net cash (used in) provided by operating activities:
       Finance income paid directly to lenders by lessees                       (841,707)       (1,037,322)
       Depreciation                                                           13,313,166        10,663,674
       Amortization of initial direct costs                                      181,354           221,727
       Minority interest in consolidated joint venture                          (111,576)          177,381
       Income from investments in joint ventures                                (246,356)         (310,997)
       Net gain on sale of equipment                                             (21,828)         (407,890)
       Rental income paid directly to lender by lessees                      (16,158,540)      (13,952,222)
       Interest expense on non-recourse financing
         paid directly to lender by lessees                                    4,707,878         4,973,860
       Changes in operating assets and liabilities:
         Collection of principal - non-financed receivables                    2,068,755         1,066,645
         Due from affiliates                                                    (300,548)        3,652,740
         Other assets, net                                                       136,522         1,706,692
         Due to affiliates                                                        (6,960)          466,654
         Deferred rental income                                                 (353,779)          835,884
         Security deposits and other liabilities                               1,009,070          (241,985)
                                                                           -------------     -------------

           Total adjustments                                                   3,375,451         7,814,841
                                                                           -------------     -------------

       Net cash (used in) provided by operating activities                    (1,173,806)        7,882,417
                                                                           -------------     -------------

Cash flows used in investing activities:
   Cash investment in operating leases                                         (3,076,564)      (4,250,000)
   Investments in unconsolidated joint ventures                                  -              (7,610,259)
   Receipt of cash held in escrow                                                -              13,723,196
   Distributions received from unconsolidated joint ventures                   1,030,997           921,655
   Proceeds from sale of unguaranteed residual values                          1,882,292            63,539
   Initial direct costs paid                                                     -              (2,242,352)
   Proceeds from the sale of equipment                                           681,899         2,174,602
                                                                            ------------     -------------

       Net cash provided by investing activities                                 518,624         2,413,378
                                                                            ------------     -------------

</TABLE>


                                                        (continued on next page)
<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

           Condensed Consolidated Statements of Cash Flows - Continued

                         Nine Months Ended September 30,

                                   (unaudited)

<TABLE>
<CAPTION>


                                                                 2003             2002
                                                                 ----             ----

<S>                                                         <C>               <C>
Cash flows from financing activities:
   Minority interest contribution, net                            352,198         (367,003)
   Proceeds from non-recourse borrowings                           -              3,593,693
   Cash distributions to partners                              (5,527,570)       (6,106,933)
   Redemption of limited partnership units                       (135,248)         (115,103)
   Repayment of non-recourse borrowings                          (382,705)           -
   Repayment of recourse borrowings
                                                                   -             (2,500,000)
                                                            -------------     -------------

     Net cash used in financing activities                     (5,693,325)       (5,128,343)
                                                            -------------     -------------

Net (decrease) increase in cash and cash equivalents           (6,348,507)        5,167,452

Cash and cash equivalents at beginning of the period            8,499,026         5,684,652
                                                            -------------     -------------

Cash and cash equivalents at end of the period              $   2,150,519     $  10,852,104
                                                            =============     =============

</TABLE>























                                                        (continued on next page)
<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

           Condensed Consolidated Statements of Cash Flows - Continued

Supplemental Disclosure of Cash Flow Information
------------------------------------------------

     For the nine months ended September 30, 2003 and 2002,  non-cash activities
included the following:


<TABLE>
<CAPTION>



                                                                          2003             2002
                                                                          ----             ----

<S>                                                                 <C>              <C>
Value of equipment and receivables acquired in exchange
   for debt                                                         $    24,211,080  $     70,495,058
Non-recourse notes payable and promissory note
   assumed in purchase of equipment and receivables                     (24,211,080)      (70,495,058)
                                                                    ---------------  ----------------

                                                                    $      -          $       -
                                                                    ===============  ================

Principal and interest on direct finance receivables paid
  directly to lenders by lessees                                    $     2,420,526  $      4,586,720

Rental income on operating lease receivables paid
  directly to lenders by lessees                                         16,158,540        13,952,222

Deferred income on operating lease receivables paid
  directly to lenders by lessees                                          3,194,162          -

Principal and interest paid directly to lenders by lessees              (21,773,228)      (18,538,942)
                                                                    ---------------  ----------------

                                                                    $      -         $       -
                                                                    ===============  ================


Interest paid directly to lenders by lessees
  pursuant to non-recourse financings                               $     4,707,878  $      4,973,860

Other interest paid                                                         925,487           402,846
                                                                    ---------------  ----------------

Total interest expense                                              $     5,633,365  $      5,376,706
                                                                    ===============  ================


</TABLE>








See accompanying notes to condensed consolidated financial statements.
<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

              Notes to Condensed Consolidated Financial Statements

                               September 30, 2003
                                   (unaudited)


1.   Basis of Presentation

     The condensed  consolidated  financial  statements of the Partnership  have
been  prepared  pursuant  to the rules and  regulations  of the  Securities  and
Exchange  Commission (the "SEC") and, in the opinion of management,  include all
adjustments  (consisting only of normal recurring accruals) necessary for a fair
statement of results for each period  shown.  Certain  information  and footnote
disclosures  normally  included in financial  statements  prepared in accordance
with accounting  principles  generally  accepted in the United States of America
have been  condensed  or  omitted  pursuant  to such SEC rules and  regulations.
Management  believes  that  the  disclosures  made  are  adequate  to  make  the
information  presented not  misleading.  The results for the interim periods are
not  necessarily  indicative of the results for the full year.  These  condensed
consolidated  financial  statements  should  be read  in  conjunction  with  the
financial  statements and notes included in the Partnership's 2002 Annual Report
on Form 10-K.

2.   Organization

     ICON Income Fund Eight B L.P. (the "Partnership") was formed on February 7,
2000 as a Delaware limited partnership with an initial capitalization of $2,000.
It was primarily  formed to acquire various types of equipment  subject to lease
with third parties.  The  Partnership's  maximum offering was  $75,000,000.  The
Partnership  commenced business operations on its initial closing date, June 14,
2000,  with the admission of limited  partners  representing  15,815.51  limited
partnership units at the offering price of $100 per unit aggregating  $1,581,551
of capital  contributions.  As of October  17,  2001 (the final  closing  date),
734,184.49  additional  units  had  been  admitted  into  the  Partnership  with
aggregate  gross  proceeds  of  $73,418,449  bringing  the  total  admission  to
750,000.00  units  totaling  $75,000,000  in  capital   contributions.   Through
September 30, 2002 3,473.61 units have been redeemed,  bringing the  outstanding
units  as of  September  30,  2003 to  746,526.39.  For the  nine  months  ended
September 30, 2003, 1,919.46 units were redeemed.

     The General  Partner of the Partnership is ICON Capital Corp. (the "General
Partner"), a Connecticut  corporation.  The General Partner manages and controls
the  business  affairs of the  Partnership's  equipment,  leases  and  financing
transactions under a management agreement with the Partnership.


<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

        Notes to Condensed Consolidated Financial Statements - Continued

3. Related Party Transactions

     Fees and expenses paid or accrued by the Partnership to the General Partner
or its  affiliates  directly  or on  behalf  of  joint  ventures  in  which  the
Partnership  has an interest  for the period ended  September  30, 2003 and 2002
were as follows:

<TABLE>
<CAPTION>
                                              2003              2002
                                              ----              ----

<S>                                      <C>            <C>               <C>
Acquisition fees                               736,766        2,242,352   Capitalized as part of investment
                                                                            in operating leases
Acquisition fees                               -              1,256,259   Capitalized as part of
                                                                            investment in joint venture
Management fees                              1,698,373        1,667,406   Charged to operations
Administrative expense reimbursements          785,107          747,887   Charged to operations
                                         -------------   --------------

                                         $   3,220,246   $    5,913,904
                                         =============   ==============

</TABLE>

4.   Consolidated Ventures and Investments in Unconsolidated Joint Ventures

     The  Partnership and affiliates  formed seven ventures  discussed below for
the purpose of acquiring and managing  various  assets.  The Partnership and its
affiliates  have identical  investment  objectives  and  participate on the same
terms and  conditions.  The Partnership has a right of first refusal to purchase
the equipment,  on a pro-rata  basis,  if any of the  affiliates  desire to sell
their interests in the equipment.

Consolidated Ventures

     The three ventures  described below are majority owned and are consolidated
with  the  Partnership.   The  Partnership's  condensed  consolidated  financial
statements  include 100% of the assets and  liabilities,  as well as 100% of the
related revenues and expenses of these ventures. The interests of ICON Cash Flow
Partners  L.P.  Six ("L.P.  Six"),  ICON Cash Flow  Partners  L.P.  Seven ("L.P.
Seven") and ICON Income Fund Eight A L.P.  ("Fund Eight A") and ICON Income Fund
Nine, LLC ("Fund Nine") in the related ventures, have been reflected as minority
interests in consolidated joint ventures on the condensed  consolidated  balance
sheets and condensed consolidated statements of operations.

     ICON Cheyenne LLC
     -----------------

     In December  2000, the  Partnership  and three  affiliates,  ICON Cash Flow
Partners L.P.  Six, L.P.  Seven and Fund Eight A formed ICON Cheyenne LLC ("ICON
Cheyenne")  for the purpose of  acquiring a portfolio of leases for an aggregate
purchase price of  $29,705,716,  which was paid with cash of $11,401,151 and the
assumption  of  non-recourse  debt with an  unaffiliated  third party  lender of
$18,304,565.  The  Partnership,  L.P.  Seven,  L.P.  Six and  Fund  Eight A have
ownership  interests of 87.69%,  10.31%,  1.0% and 1.0%,  respectively,  in ICON
Cheyenne. The outstanding debt at September 30, 2003 was $2,007,229.


<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

        Notes to Condensed Consolidated Financial Statements - Continued

     ICON Aircraft 24846, LLC
     ------------------------

     In 2000, the Partnership  and two affiliates,  L.P. Seven and Fund Eight A,
formed  ICON  Aircraft  24846 LLC ("ICON  Aircraft  24846")  for the  purpose of
acquiring an investment in a 767-300 ER aircraft leased to Scandinavian  Airline
Systems  for a purchase  price of  $44,515,416,  which was  funded  with cash of
$2,241,371 and non-recourse debt of $42,274,045. The rents and the aircraft have
been  assigned to the  unaffiliated  non-recourse  lender.  The lease expired in
March 2003, at which time the balance of the  non-recourse  debt outstanding was
approximately  $34,500,000.  The General  Partner is currently  remarketing  the
aircraft,  during  which  time,  ICON  Aircraft  24846 is making  interest  only
payments on the outstanding  non-recourse debt. The Partnership,  L.P. Seven and
Fund Eight A have ownership interests of 96.0%, 2.0% and 2.0%, respectively,  in
ICON Aircraft 24846. The outstanding debt at September 30, 2003 was $34,491,632.

     ICON Aircraft 47820 LLC
     -----------------------

     In 2003,  the  Partnership  and Fund Nine  formed ICON  Aircraft  47820 LLC
("ICON 47820") for the purpose of acquiring an investment in a McDonnell Douglas
DC10-30F aircraft leased to Federal Express through March 2007. The aircraft was
acquired  for a purchase  price of  $27,287,644,  which was funded  with cash of
$3,076,564 and non-recourse debt of $24,211,080. The rents and the aircraft have
been assigned to the  non-recourse  lender.  The  Partnership and Fund Nine have
ownership interests of 90% and 10%, respectively, in ICON 47820. The outstanding
debt at September 30, 2003 was $18,862,363.

Investments in Unconsolidated Joint Ventures

     The four joint ventures  described  below are 50%, 49%, 5% and 15% owned by
the Partnership and are accounted for under the equity method.

     ICON Aircraft 126, LLC
     ----------------------

     In early 2002, the  Partnership  and Fund Nine formed ICON Aircraft 126 LLC
("ICON 126") for the purpose of acquiring all of the outstanding shares of Delta
Aircraft Leasing Limited ("D.A.L."),  a Cayman Islands registered company, which
owns,  through an Owner Trust, an Airbus A340-313X aircraft which is on lease to
Cathay  Pacific  through  March 2006.  The stock was acquired for  $4,250,000 in
cash. The aircraft owned by D.A.L. is subject to  non-recourse  debt provided by
unaffiliated  lenders.  The lenders have a security interest in the aircraft and
an assignment of the rentals  under the lease.  As of September 30, 2003,  there
was $64,427,624  outstanding  under the  non-recourse  debt.

     The Partnership and Fund Nine each own a 50% interest in ICON 126. ICON 126
consolidates  the financial  position and results of operations of D.A.L. in its
financial statements.

     The Partnership's original investment in ICON 126 was recorded at a cost of
$3,242,901, inclusive of related acquisition fees of $1,117,901.

     Information  as to the unaudited  results of operations of ICON 126 for the
nine month periods ending September 30, 2003 and 2002 is summarized below:

                                        Nine Months Ended    Nine Months Ended
                                        September 30, 2003   September 30, 2002
                                        ------------------   ------------------

Net income                                  $ 290,362            $ 154,196
                                            =========            =========

Partnership's share of net income           $ 145,181            $  77,098
                                            =========            =========

<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

        Notes to Condensed Consolidated Financial Statements - Continued

     ICON SPK 2023-A, LLC
     --------------------

     In early 2002, the  Partnership  and Fund Nine formed ICON SPK 2023-A,  LLC
("ICON SPK") for the purpose of acquiring a portfolio of leases for an aggregate
purchase price of $7,750,000 in cash. The leases expire on various dates through
April 2008.

     The  Partnership  and Fund Nine have  ownership  interests  of 49% and 51%,
respectively.  The Partnership's  original  investment was recorded at a cost of
$3,797,500 and is adjusted for its share of earnings,  losses, and distributions
thereafter.

     In June 2002, the Partnership paid ICON SPK $113,925 for its pro-rata share
of acquisition fees.

     Information  as to the unaudited  results of operations of ICON SPK for the
nine month periods ending September 30, 2003 and 2002 is summarized below:

                                      Nine Months Ended       Nine Months Ended
                                      September 30, 2003     September 30, 2002
                                      ------------------     ------------------

Net income                              $     145,033           $     477,345
                                        =============           =============

Partnership's share of net income       $      71,066           $     233,899
                                        =============           =============

Distributions                           $   2,059,280           $   1,880,929
                                        =============           =============

Partnership's share of distribution     $   1,009,047           $     921,655
                                        =============           =============

     ICON/Kenilworth LLC
     -------------------

     On September 30, 2002, the Partnership and Fund Nine formed ICON/Kenilworth
LLC for the purpose of acquiring a natural gas-fired 25MW co-generation facility
for a total purchase price of $8,410,000 in cash,  with an assumed  non-recourse
debt of $6,918,091  consisting of a senior debt of $6,679,355  and a junior debt
of $238,736.  The facility is subject to a lease with Energy Factors Kenilworth,
Inc.,  and the lease  expires in July 2004.  In  addition,  there was a total of
$459,843 in acquisition fees paid to the General  Partner.  The outstanding debt
at September 30, 2003 was $3,757,037.

     The  Partnership  and Fund Nine  have  ownership  interests  of 5% and 95%,
respectively.  The Partnership's  original  investment was recorded at a cost of
$443,492,  inclusive of related  acquisition fees of $22,992 and is adjusted for
its share of earnings, losses and distributions thereafter.
<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

        Notes to Condensed Consolidated Financial Statements - Continued

     Information  as to the unaudited  results of operations of  ICON/Kenilworth
LLC for the nine months ending September 30, 2003 is summarized below:

                                           Nine Months Ended
                                          September 30, 2003
                                          ==================

Net income                                   $   615,300
                                             ===========

Partnership's share of net income            $    30,765
                                             ===========

Distributions                                $   439,000
                                             ===========

Partnership's share of distribution          $    21,950
                                             ===========


     ICON Aircraft 46835, LLC
     ------------------------

     In December 2002, the Partnership and Fund Nine formed ICON Aircraft 46835,
LLC ("ICON  46835") for the purpose of  acquiring an  investment  in a McDonnell
Douglas  DC10-30F  aircraft  leased to Federal  Express  through March 2007. The
aircraft was acquired for a purchase price of $25,291,593, which was funded with
cash of  $3,000,000  and  non-recourse  debt of  $22,291,593.  The rents and the
aircraft have been assigned to the non-recourse  lender.  The lease is scheduled
to expire in March  2007,  at which time the  balance of the  non-recourse  debt
outstanding is scheduled to be approximately  $2,708,000. In addition, there was
a total of $758,748 in acquisition fees paid to the General Partner of which the
Partnership's share was $113,812. The outstanding debt at September 30, 2003 was
$17,510,878.

     The  Partnership  and Fund Nine have  ownership  interests  of 15% and 85%,
respectively.  The Partnership's  original  investment was recorded at a cost of
$450,000  inclusive of related  acquisition fees of $113,812 and is adjusted for
its share of earnings, losses, and distributions thereafter.

     Information as to the unaudited results of operations of ICON 46835 for the
nine months ending September 30, 2003 is summarized below:

                                      Nine Months Ended
                                      September 30, 2003
                                      ------------------

Net loss                                 $    (4,373)
                                         ===========

Partnership's share of net loss          $      (656)
                                         ===========


5.   Investment In Wholly-Owned Subsidiary

     In early 2002, the  Partnership  formed ICON Aircraft 123, LLC ("ICON 123")
as a wholly owned subsidiary for the purpose of acquiring all of the outstanding
shares of Alpha Aircraft Leasing Limited ("A.A.L."), a Cayman Islands registered
company,  which owns, through an Owner Trust, an Airbus A340-313X aircraft which
is on lease to Cathay Pacific  through March 2006. The stock was acquired in the
first quarter of 2002 for $4,250,000 in cash.  The aircraft  owned by A.A.L.  is
<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

        Notes to Condensed Consolidated Financial Statements - Continued

subject to non-recourse debt provided by unaffiliated  lenders. The lenders have
a security  interest in the aircraft and an  assignment of the rentals under the
lease. The fair value of the aircraft was  approximately $75 million at the date
of acquisition  and the principal  balance of the debt was  approximately  $70.5
million at such date. ICON 123 consolidates  the financial  position and results
of operations of A.A.L. in its financial statements.  The assets and liabilities
and results of  operations  of ICON 123 are  consolidated  in the  Partnership's
condensed  consolidated  financial statements.  Outstanding debt as of September
30, 2003 was $64,194,818.

6.   Contingencies

(a)  Kmart
     -----

     Kmart,  Inc.,  ("Kmart") with whom the Partnership has five finance leases,
filed for Chapter 11 bankruptcy  protection in January 2002.  The  Partnership's
finance leases with Kmart were acquired during 2001 for  $18,234,262,  comprised
of a total cash  investment  of $681,720 and the  assumption of  $17,552,542  of
non-recourse debt. Through November 1, 2003, Kmart has made all scheduled rental
payments. The bankruptcy court has not ruled on the affirmation of the leases as
of the date of this  report.  Management  has deemed an  allowance  for doubtful
accounts unnecessary at September 30, 2003.

(b)  Regus
     -----

     Regus Business  Center Corp.  ("Regus"),  with whom the  Partnership has an
equipment lease, filed for Chapter 11 bankruptcy protection on January 14, 2003.
The  Partnership's  finance  leases  with Regus were  acquired  in July 2000 for
$5,303,089.   Regus  did  not  pay  rent  in  January  or  February,  2003.  The
Partnership,  has  negotiated  new lease terms with Regus and  restructured  the
lease effective March 15, 2003 whereby the lease, originally scheduled to expire
on July 31, 2004 has been extended to expire March 2007 at a new reduced  rental
rate. As of December 31, 2002 the contractual  rent  receivable  under the Regus
lease was $2,734,738. Giving effect to the lease restructuring,  the contractual
rent  receivable  under the Regus lease as of September 30, 2003 was  $2,786,851
net of payments  received.  Management  has  determined  that an  allowance  for
doubtful accounts is unnecessary at September 30, 2003.
<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

                               September 30, 2003

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

     Forward-Looking  Information - The following discussion and analysis should
be read in conjunction with the audited financial  statements dated December 31,
2002.  Certain  statements  within this document may constitute  forward-looking
statements made pursuant to the safe harbor provision of the Private  Securities
Litigation  Reform Act of 1995. These statements are identified by words such as
"anticipate," "believe," "estimate," "expects," "intend," "predict" or "project"
and similar  expressions.  This information may involve risks and  uncertainties
that could cause actual results to differ  materially  from the  forward-looking
statements. Although the Partnership believes that the expectations reflected in
such  forward-looking  statements  are  based on  reasonable  assumptions,  such
statements  are  subject  to risks and  uncertainties  that could  cause  actual
results to differ materially from those projected.

Results of Operations for the Three Months Ended September 30, 2003 and 2002

     Revenues for the three months ended September 30, 2003 (the "2003 Quarter")
were $6,076,732  representing a decrease of $451,111 from the three months ended
September 30, 2002 (the "2002  Quarter").  The decrease in revenue resulted from
decreases in rental income of $177,151,  finance income of $166,339,  a decrease
in net gain on sale of equipment  of $156,273 and a decrease in interest  income
and other of $10,193.  The decrease in revenues was  partially  offset by income
from  investment  in joint  venture  of  $58,845.  During the 2003  Quarter  the
Partnership  sold  equipment  from  the ICON  Cheyenne,  LLC  ("ICON  Cheyenne")
portfolio for total proceeds of $417,669.

     Rental  income  decreased  due to a decrease  in the  average  size of ICON
Cheyenne's portfolio,  due to leases in the portfolio maturing subsequent to the
2002 Quarter and the related  equipment  being sold.  These  decreases more than
offset the increase in the  Partnership's  other portfolios  during the quarter.
The decrease in finance income resulted from the continued collection of minimum
lease rentals reducing the investment balance outstanding on which such revenues
are based.

     Expenses for the 2003 Quarter were  $8,405,062  representing an increase of
$1,730,766 over the 2002 Quarter.  Depreciation expense increased by $1,010,540,
due to the  additional  investments in operating  leases made  subsequent to the
2002 Quarter.  General and administrative  expenses increased  $1,008,824 due to
the  additional  investments  in operating  leases made  subsequent  to the 2002
Quarter  and  maintenance  expense  associated  with  one of  the  Partnership's
consolidated  joint ventures.  The increase in expenses was partially  offset by
decreases in interest  expense of $106,842 due to a decrease in the average debt
outstanding  from 2002 to 2003,  primarily  in the  Cheyenne  portfolio  and the
Partnership's  investment in finance  leases.  Management fees - General Partner
decreased by $28,942 and administrative expense reimbursements - General Partner
decreased by $14,537.  The  decrease in  management  fees - General  Partner and
administrative  expense  reimbursements  - General  Partner was consistent  with
decreases in rentals  (including  operating leases,  finances leases and through
joint ventures) on which such fees are based.  Minority interest in consolidated
joint ventures  decreased by $124,856 and  amortization  of initial direct costs
decreased by $13,421.

     Net  loss  for the  three  months  ended  September  30,  2003 and 2002 was
$2,328,330 and $146,453, respectively. The net loss per weighted average limited
partnership   unit   outstanding   was  $3.09  and  $0.19  for  2003  and  2002,
respectively.


<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

                               September 30, 2003

Results of Operations for the Nine Months Ended September 30, 2003 and 2002

     Revenues for the nine months ended  September 30, 2003 (the "2003  Period")
were  $18,581,963  representing  a decrease  of $754,453  from the Period  ended
September 30, 2002 (the "2002  Period").  The decrease in revenue  resulted from
decreases in finance income of $532,582, income from investment in joint venture
of $64,641,  interest  income and other of $22,031 and a decrease in net gain on
sale of equipment of $386,062.  The decreases in revenues were partially  offset
by an  increase  in rental  income of  $250,863.  During  the 2003  Period,  the
Partnership  sold equipment from the ICON Cheyenne  portfolio for total proceeds
of $681,899.

     The decrease in finance  income  resulted from the continued  collection of
minimum lease rentals reducing the investment balance  outstanding on which such
revenues are based. Rental income increased due to the additional investments in
operating leases made subsequent to the 2002 Period.

     Expenses for the 2003 Period were  $23,131,220  representing an increase of
$3,862,380 over the 2002 Period.  Depreciation  expense increased by $2,649,492,
interest  expense  increased  by $256,659  and general  administrative  expenses
increased by $1,217,372  due to the additional  investments in operating  leases
made subsequent to the 2002 Period and maintenance  expense  associated with one
of the  Partnership's  consolidated  joint  ventures.  Management fees - General
Partner increased by $30,967 and administrative expense reimbursements - General
Partner  increased by $37,220 in the 2003 Period as compared to the 2002 Period.
The  increase  in  management  fees was  consistent  with  increases  in rentals
(including operating leases, finance leases and through joint ventures) on which
such fees are based.  The increase in  administrative  expense  reimbursements -
General Partner was consistent with the increase in operating  activities of the
Partnership.  Minority  interest in  consolidated  joint  ventures  decreased by
$288,957 and amortization of initial direct costs decreased by $40,373.

     Net (loss) income for the nine months ended September 30, 2003 and 2002 was
$(4,549,257)  and  $67,576,  respectively.  The net (loss)  income per  weighted
average limited  partnership unit outstanding was $(6.03) and $0.09 for 2003 and
2002, respectively.

Liquidity and Capital Resources

     The  Partnership's  primary  sources  of funds  for the nine  months  ended
September 30, 2003 was proceeds from the sale of unguaranteed  residual value of
$1,882,292,  proceeds  from the sale of equipment of $681,899 and  distributions
received from unconsolidated joint venture of $1,030,997.

     Such funds were utilized for investments in leases and joint ventures, with
related  costs   aggregating   $3,076,564,   (including   initial  direct  costs
(acquisition fees) of $736,766), and cash to make cash distributions to partners
of  $5,527,570.  As cash is realized  from  operations  and with  proceeds  from
additional  borrowings,  the  Partnership  will  continue to invest in equipment
leases and financings where it deems it to be prudent while retaining sufficient
cash to meet its reserve requirements and recurring obligations.

     During the quarter ended September 30, 2002, the Partnership entered into a
$17,500,000  joint and several line of credit agreement dated as of May 30, 2002
shared with L.P.  Seven and Fund Eight A (the  "Initial  Funds"),  with Comerica
Bank as lender. Under the terms of the agreement,  the Partnership may borrow at
a rate  equal  to the  Comerica  Bank  base  rate  plus 1%  (together,  5.00% at
September  30,  2003)  and  all  borrowings  are  to be  jointly  and  severally
collateralized  by the present values of rents receivable and equipment owned by
all of the Initial  Funds  sharing in the joint line of credit.  On December 12,
2002,  the  agreement  was  amended  to  admit  ICON  Income  Fund  Nine,   LLC,
collectively  along with the Initial Funds (the "Funds"),  as a borrower sharing

<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

                               September 30, 2003

the $17,500,000  joint line of credit  agreement.  The Funds have entered into a
Contribution Agreement,  dated as of May 30, 2002, as amended December 12, 2002,
pursuant  to which the Funds have agreed to  restrictions  on the amount and the
terms of their  respective  borrowings  under  the  line of  credit  in order to
minimize the risk that a Fund would not be able to repay its  allocable  portion
of the outstanding revolving loan obligation at any time, including restrictions
on any Fund  borrowing  in excess of the lesser of (A) an amount each Fund could
reasonably  expect to repay in one year out of its projected  free cash flow, or
(B) the  greater  of (i) the  Borrowing  Base (as  defined in the line of credit
agreement) as applied to such Fund,  and (ii) 50% of the net worth of such Fund.
The  Contribution  Agreement  provides  that, in the event a Fund pays an amount
under the agreement in excess of its allocable share of the obligation under the
agreement whether by reason of an Event of Default or otherwise, the other Funds
will  immediately  make a contribution  payment to such Fund in such amount that
the  aggregate  amount paid by each Fund  reflects  its  allocable  share of the
aggregate obligations under the agreement.  The Funds' obligations to each other
under the Contribution Agreement are collateralized by a subordinate lien on the
assets of each  participating  Fund.  The line of credit was extended for twelve
additional  months expiring May 31, 2004. The  Partnership  violated a financial
covenant at December 31, 2002  creating an Event of Default.  The bank granted a
waiver to the Partnership with respect to this Event of Default. As of September
30, 2003, there were no borrowings by the Partnership under the line.  Aggregate
borrowing by all Funds under the line of credit agreement aggregated $10,199,986
on September 30, 2003.

     Cash distributions to limited partners for the 2003 Period and 2002 Period,
which were paid monthly, totaled $5,472,294 and $6,045,863, respectively.

     Kmart,  Inc.,  with whom the  Partnership  has five finance  leases,  filed
bankruptcy in January 2002.  The  Partnership's  finance  leases with Kmart were
acquired  during 2001 for prices  aggregating  $18,234,262,  comprised of a cash
investment of $681,720 and the assumption of $17,552,542 of  non-recourse  debt.
Through  August 1,  2003,  Kmart has made all  scheduled  rental  payments.  The
bankruptcy  court has not ruled on the  affirmation of the leases as of the date
of this report.

     Regus Business  Center Corp.  ("Regus"),  with whom the  Partnership has an
equipment lease, filed for Chapter 11 bankruptcy protection on January 14, 2003.
The  Partnership's  finance  leases  with Regus were  acquired  in July 2000 for
$5,303,089.   Regus  did  not  pay  rent  in  January  or  February,  2003.  The
Partnership,  has  negotiated  new lease terms with Regus and  restructured  the
lease effective March 15, 2003 whereby the lease, originally scheduled to expire
on July 31,  2004 has been  extended  to expire  March 2007 but at a new reduced
rental rate. As of December 31, 2002 the contractual  rent receivable  under the
Regus  lease was  $2,734,738.  Giving  effect to the  lease  restructuring,  the
contractual  rent receivable  under the Regus lease as of September 30, 2003 was
$2,786,851, net of payments received.

     As of September 30, 2003, except as noted above, there were no known trends
or demands,  commitments,  events or uncertainties  which are likely to have any
material  effect on  liquidity.  As cash is realized from  operations,  sales of
equipment and borrowings,  the Partnership  will invest in equipment  leases and
financings where it deems to be prudent while retaining  sufficient cash to meet
its reserve requirements and recurring obligations.

     We do not  consider  the impact of inflation to be material in the analysis
of our overall operations.

Item 3.   Qualitative and Quantitative Disclosures About Market Risk

     The  Partnership is exposed to certain market risks,  including  changes in
interest rates. The Partnership  believes its exposure to other market risks are
insignificant to both its financial position and results of operations.
<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

                               September 30, 2003

     The  Partnership  manages its interest  rate risk by  obtaining  fixed rate
debt. The fixed rate debt service  obligation  streams are generally  matched by
fixed  rate  lease  receivable  streams  generated  by the  Partnership's  lease
investments.

     The  Partnership  may borrow funds under a floating rate line of credit and
therefore  may be exposed to interest  rate risk until the floating rate line of
credit is  repaid.  The  Partnership  had no  borrowings  outstanding  under the
floating rate line of credit as of September 30, 2003.

     The  Partnership  manages its  exposure to equipment  and residual  risk by
monitoring  the market and maximizing  re-marketing  proceeds  received  through
re-lease or sale of equipment.

Item 4.   Controls and Procedures

     Beaufort  J.B.  Clarke and Thomas W. Martin,  the  Principal  Executive and
Principal Financial Officers,  respectively,  of ICON Capital Corp. ("ICC"), the
General Partner of the Partnership,  have evaluated the disclosure  controls and
procedures of the  Partnership  as of the quarter  ended  September 30, 2003. As
used herein, the term "disclosure controls and procedures" has the meaning given
to the term by Rule 13a-14 under the Securities Exchange Act of 1934, as amended
("Exchange  Act"),  and  includes  the  controls  and  other  procedures  of the
Partnership  that  are  designed  to  ensure  that  information  required  to be
disclosed by the Partnership in the reports that it files with the SEC under the
Exchange Act is recorded,  processed,  summarized  and reported  within the time
periods  specified  in the SEC's rules and forms.  As part of their  evaluation,
Messrs. Clarke and Martin conferred with the finance and accounting staff of ICC
and the finance and accounting  staff of ICON Holdings Corp., the parent of ICC.
Based upon their evaluation,  Messrs.  Clarke and Martin have concluded that the
Partnership's  disclosure  controls and procedures provide reasonable  assurance
that the information  required to be disclosed by the Partnership in this report
is  recorded,  processed,  summarized  and  reported  within  the  time  periods
specified in the SEC's rules and forms  applicable  to the  preparation  of this
report.

     There  have  been no  significant  changes  in the  Partnership's  internal
controls or in other factors that could  significantly  affect the Partnership's
internal  controls  subsequent to the evaluation  described  above  conducted by
ICC's principal executive and financial officers.
<PAGE>

                          ICON Income Fund Eight B L.P.
                         (A Delaware Limited Partnership

PART II - OTHER INFORMATION
---------------------------

Item 1 - Legal Proceedings

     The  Partnership,  from  time-to-time,  in the ordinary course of business,
commences  legal actions when  necessary to protect or enforce the rights of the
Partnership. We are not a defendant party to any litigation and are not aware of
any pending or threatened litigation against the Partnership.

Item 6 - Exhibits and Reports on Form 8-K

(a)  Exhibits

     32.1 Certification of Chairman and Chief Executive Officer

     32.2 Certification of Executive Vice President and Principal  Financial and
          Accounting Officer.

     33.1 Certification  of Chairman and Chief Executive  Officer pursuant to 18
          U.S.C.  (Section)1350,  as  adopted  pursuant  to  Section  906 of the
          Sarbanes-Oxley Act of 2002.

     33.2 Certification of Executive Vice President and Principal  Financial and
          Accounting  Officer  pursuant to 18 U.S.C.  (Section)1350,  as adopted
          pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)



                                   SIGNATURES



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

                             ICON Income Fund Eight B L.P.
                             File No. 333-37504(Registrant)
                             By its General Partner,
                             ICON Capital Corp.



       November 14, 2003     /s/ Thomas W. Martin
       -----------------     --------------------------------
             Date            Thomas W. Martin
                             Executive Vice President
                             (Principal financial and accounting officer of the
                             General Partner of the Registrant)
<PAGE>

                              Certifications - 10-Q
                              ---------------------

EXHIBIT 32.1

I, Beaufort J.B. Clarke, certify that:

1.   I have reviewed this quarterly report of ICON Income Fund Eight B L.P.;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material  fact or omit to state a  material  fact  necessary  to make the
     statements made, in light of the circumstances  under which such statements
     were made,  not  misleading  with  respect  to the  period  covered by this
     report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  report,  fairly  present  in all  material
     respects the financial  condition,  results of operations and cash flows of
     the registrant as of, and for, the periods presented in this report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules  13a-15(e) and 15d-15(e))  and internal  control over
     financial  reporting  (as  defined  in  Exchange  Act Rules  13a-15(f)  and
     15d-15(f)) for the registrant and have:

     (a)  Designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this report is being prepared;

     (b)  Designed such internal  control over  financial  reporting,  or caused
          such internal  control over  financial  reporting to be designed under
          our  supervision,   to  provide  reasonable  assurance  regarding  the
          reliability  of financial  reporting and the  preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

     (c)  Evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and

     (d)  Disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most  recent  fiscal  quarter  that  has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's auditors and the audit committee of the registrant's board
     of directors (or persons performing the equivalent functions):

     (a)  All significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the  registrant's  ability to
          record, process, summarize and report financial information; and

     (b)  Any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.

Dated:  November 14, 2003

/s/ Beaufort J.B. Clarke
-----------------------------
Beaufort J. B. Clarke
Chairman and Chief Executive Officer
ICON Capital Corp.
General Partner of ICON Income Fund Eight B L.P.
<PAGE>

                              Certifications - 10-Q
                              ---------------------

EXHIBIT 32.2

I, Thomas W. Martin, certify that:

1.   I have reviewed this quarterly report of ICON Income Fund Eight B L.P.;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material  fact or omit to state a  material  fact  necessary  to make the
     statements made, in light of the circumstances  under which such statements
     were made,  not  misleading  with  respect  to the  period  covered by this
     report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  report,  fairly  present  in all  material
     respects the financial  condition,  results of operations and cash flows of
     the registrant as of, and for, the periods presented in this report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules  13a-15(e) and 15d-15(e))  and internal  control over
     financial  reporting  (as  defined  in  Exchange  Act Rules  13a-15(f)  and
     15d-15(f)) for the registrant and have:

     (a)  Designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this report is being prepared;

     (b)  Designed such internal  control over  financial  reporting,  or caused
          such internal  control over  financial  reporting to be designed under
          our  supervision,   to  provide  reasonable  assurance  regarding  the
          reliability  of financial  reporting and the  preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

     (c)  Evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and

     (d)  Disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most  recent  fiscal  quarter  that  has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's auditors and the audit committee of the registrant's board
     of directors (or persons performing the equivalent functions):

     (a)  All significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the  registrant's  ability to
          record, process, summarize and report financial information; and

     (b)  Any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.

Dated:  November 14, 2003

/s/ Thomas W. Martin
----------------------------------------
Thomas W. Martin
Executive Vice President
(Principal Financial and Accounting Officer
of the General Partner of the Registrant)
<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

                               September 30, 2003

EXHIBIT 33.1

     I,  Beaufort  J.B.  Clarke,  Chairman and Chief  Executive  Officer of ICON
Capital  Corp,  the sole  General  Partner  of ICON  Income  Fund  Eight B L.P.,
certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)  the Quarterly  Report on Form 10-Q for the period ended  September 30, 2003
     (the "Periodic  Report") which this  statement  accompanies  fully complies
     with the  requirements  of Section 13(a) of the Securities  Exchange Act of
     1934 (15 U.S.C. 78m) and

(2)  information  contained  in the  Periodic  Report  fairly  presents,  in all
     material  respects,  the  financial  condition and results of operations of
     ICON Income Fund Eight B L.P.

Dated:  November 14, 2003



 /s/ Beaufort J.B. Clarke
 ------------------------------------------------------
 Beaufort J.B. Clarke
 Chairman and Chief Executive Officer
 ICON Capital Corp.
 General Partner of ICON Income Fund Eight B L.P.
<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)

                               September 30, 2003

EXHIBIT 33.2

     I, Thomas W. Martin,  Executive  Vice  President  (Principal  Financial and
Accounting  Officer) of ICON  Capital  Corp,  the sole  General  Partner of ICON
Income Fund Eight B L.P., certify, pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:

     (1) the  Quarterly  Report on Form 10-Q for the period ended  September 30,
2003 (the "Periodic  Report") which this  statement  accompanies  fully complies
with the  requirements  of Section 13(a) of the Securities  Exchange Act of 1934
(15 U.S.C. 78m) and

     (2) information  contained in the Periodic Report fairly  presents,  in all
material  respects,  the  financial  condition and results of operations of ICON
Income Fund Eight B L.P.

Dated:  November 14, 2003



/s/ Thomas W. Martin
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Thomas W. Martin
Executive Vice President (Principal
Financial and Accounting Officer)
ICON Capital Corp.
General Partner of ICON Income Fund Eight B L.P.