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 period ended                    September 30, 2001
                     -----------------------------------------------------------

[ ] 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                      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



<PAGE>


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

                           Consolidated Balance Sheet

                                   (Unaudited)
<TABLE>

                                                               September 30,    December 30,
                                                                   2001             2000
                                                                   ----             ----
         Assets

<S>                                                           <C>              <C>
Cash                                                          $  10,874,363    $   1,315,706
                                                              -------------    -------------

Investment in finance leases
   Minimum rents receivable                                      28,109,179       11,631,296
   Estimated unguaranteed residual values                         2,390,338        1,233,991
   Initial direct costs                                             662,890          289,670
   Unearned income                                               (6,010,760)      (2,998,971)
                                                              -------------    -------------
                                                                 25,151,647       10,155,986
                                                              -------------    -------------

Investment in operating leases
   Equipment, at cost                                            95,287,110       76,284,645
   Accumulated depreciation                                      (8,806,646)        (111,940)
                                                              -------------    -------------
                                                                 86,480,464       76,172,705
                                                              -------------    -------------

Investment in joint ventures                                      3,282,036             --
Investments in unguaranteed residual values                       2,331,850             --
Lease investment held in escrow                                   5,186,296             --
Other assets                                                        804,978          463,781
                                                              -------------    -------------

Total assets                                                  $ 134,111,634    $  88,108,178
                                                              =============    =============

         Liabilities and Partners' Equity

Notes payable - non-recourse                                  $  74,956,962       60,497,834
Note payable - line of credit                                          --          7,000,000
Deferred rental income                                              345,926             --
Security deposits and other liabilities                             631,280          352,383
Minority interests in joint ventures                              1,619,724        1,493,780
                                                              -------------    -------------
                                                                 77,553,892       69,343,997
                                                              -------------    -------------

Partners' equity
   General Partner                                                  (30,107)          (1,316)
   Limited Partners (682, 899.25 and 219,813.65)
     units outstanding, $100 per unit original issue price)      56,587,849       18,765,497
                                                              -------------    -------------
   Total partners' equity                                        56,557,742       18,764,181
                                                              -------------    -------------

Total liabilities and partners' equity                        $ 134,111,634    $  88,108,178
                                                              =============    =============
</TABLE>

See accompanying notes to financial statements


<PAGE>


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

                      Consolidated Statement of Operations

                                   (Unaudited)
<TABLE>

                                             For the Three Months        For the Nine Months
                                              Ended September 30,        Ended September 30,
                                              2001         2000          2001          2000
                                              ----         ----          ----          ----

Revenues

<S>                                       <C>           <C>           <C>           <C>
   Rental income                          $ 4,504,568   $      --     $13,159,408   $      --
   Finance income                             675,440       187,029     1,620,766       204,649
   Interest income and other                   59,567        33,403       113,070        33,656
   Gain on sale of equipment                   46,608          --          46,608          --
   Income from investment in
     joint venture                              8,629          --           8,629          --
                                          -----------   -----------   -----------   -----------

   Total revenues                           5,294,812       220,432    14,948,481       238,305
                                          -----------   -----------   -----------   -----------

Expenses

   Depreciation                             3,133,942          --       8,854,350          --
   Interest                                 1,396,592        31,391     4,016,703        31,391
   Management fees - General Partner          380,673        54,603       946,330        57,018
   Administrative expense
     reimbursements - General Partner         169,180        21,929       401,913        22,895
   General and administrative                 104,924         4,922       281,884         6,373
   Amortization of initial direct costs        64,443        10,654       139,081        11,949
   Minority interest expense                   39,309          --         125,944          --
                                          -----------   -----------   -----------   -----------

   Total expenses                           5,289,063       123,499    14,766,205       129,626
                                          -----------   -----------   -----------   -----------

Net income                                $     5,749   $    96,933   $   182,276   $   108,679
                                          ===========   ===========   ===========   ===========

Net income allocable to:
   Limited partners                       $     5,692   $    95,964   $   180,453   $   107,592
   General Partner                                 57           969         1,823         1,087
                                          -----------   -----------   -----------   -----------

                                          $     5,749   $    96,933   $   182,276   $   108,679
                                          ===========   ===========   ===========   ===========
Weighted average number of limited
   partnership units outstanding              526,730        72,094       375,564        58,772
                                          ===========   ===========   ===========   ===========

Net income per weighted average
   limited partnership unit               $       .01   $      1.33   $       .48   $      1.83
                                          ===========   ===========   ===========   ===========

</TABLE>

See accompanying notes to consolidated financial statements.


<PAGE>


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

                    Statement of Changes in Partners' Equity

                      For the Period from February 7, 2000
                  (date of inception) Through December 31, 2000
                  and the Nine Months Ended September 30, 2001

                                   (Unaudited)
<TABLE>

                                   Limited Partner Distributions

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

<S>                                   <C>           <C>               <C>         <C>        <C>
Initial partners'
   capital contribution                                            $     1,000  $  1,000  $     2,000

Refund of initial
   limited partners'
   capital contribution                                                 (1,000)      -         (1,000)

Proceeds from issuance
   of limited partnership
   units (219,813.65 units)                                         21,981,365       -     21,981,365

Sales and offering expenses                                         (2,967,484)      -     (2,967,484)

Cash distributions to partners        $  1.88       $  2.18           (536,708)   (5,228)    (541,936)

Net income                                                             288,324     2,912      291,236
                                                                   -----------  --------  -----------

Balance at
   December 31, 2000                                                18,765,497    (1,316)  18,764,181

Proceeds from issuance
   of limited partnership
   units (463,085.60 units)                                         46,308,560      -      46,308,560

Sales and offering expenses                                         (5,635,857)     -      (5,635,857)

Cash distributions
   to partners                        $  7.59       $   .48         (3,030,804)  (30,614)  (3,061,418)

Net income                                                             180,453     1,823      182,276
                                                                   -----------  --------  -----------

Balance at
   September 30, 2001                                              $56,587,849  $(30,107) $56,557,742
                                                                   ===========  ========  ===========
</TABLE>

See accompanying notes to financial statements.


<PAGE>




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

                             Statement of Cash Flows

                     For the Nine Months Ended September 30,

                                   (Unaudited)

<TABLE>

                                                                2001            2000
                                                                ----            ----

Cash flows from operating activities:
<S>                                                        <C>             <C>
   Net income                                              $    182,276    $    108,679
                                                           ------------    ------------
   Adjustments to reconcile net income to
    net cash provided by operating activities:
     Finance income paid directly to lenders by lessees        (434,270)           --
     Depreciation                                             8,854,350
     Amortization of initial direct costs                       139,081          11,949
     Minority interest expense                                  125,944            --
     Income from investment in joint venture                     (8,629)           --
     Gain on sale of equipment                                  (46,608)           --
     Rental income paid directly to lender by lessees       (12,175,367)           --
     Interest expense on non-recourse financing
        paid directly by lessees                              3,583,073            --
     Changes in operating assets and liabilities:
      Collection of principal - non-financed receivables      1,559,603         575,331
      Other assets                                              341,197             866
      Accounts receivable-affiliates                               --          (650,000)
      Accounts payable to General Partner                          --            61,976
      Deferred rental income                                    345,926            --
      Security deposits and other liabilities                   278,897            --
                                                           ------------    ------------

        Total adjustments                                     2,563,197             122
                                                           ------------    ------------

     Net cash provided by operating activities                2,745,473         108,801
                                                           ------------    ------------

Cash flows used in investing activities:
   Equipment purchased                                      (10,838,100)     (7,374,886)
   Investment in unguaranteed residual                       (2,331,850)           --
   Investment in joint venture                               (3,273,407)           --
   Lease investment held in escrow                           (5,186,296)           --
   Initial direct costs                                      (1,082,921)       (221,247)
   Other assets                                                    --          (850,000)
                                                           ------------    ------------

     Net cash used in investing activities                  (22,712,574)     (8,446,133)
                                                           ------------    ------------
</TABLE>


<PAGE>


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

                       Statement of Cash Flows - Continued

                     For the Nine Months Ended September 30,

                                   (Unaudited)

<TABLE>

                                                      2001             2000
                                                      ----             ----
Cash flows from financing activities:
<S>                                                 <C>                 <C>
   Initial partners capital contributions                --             2,000
   Proceeds from note payable                       3,977,317
   Proceeds from sale of equipment                    263,054            --
   Issuance of limited partnership units,
    net of offering expenses                       40,672,703      11,422,688
   Payment of non-recourse borrowings              (1,348,581)           --
   Payment of note payable - line of credit        (7,000,000)     (2,651,545)
   Cash distributions to partners                  (3,061,418)       (140,323)
                                                 ------------    ------------

     Net cash provided by financing activities     29,525,758      12,610,137
                                                 ------------    ------------

Net increase in cash                                9,558,657       4,272,805

Cash at beginning of the period                     1,315,706            --
                                                 ------------    ------------

Cash at end of year                              $ 10,874,363    $  4,272,805
                                                 ============    ============
</TABLE>



























See accompanying notes to financial statements.


<PAGE>


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

                Consolidated Statement of Cash Flows (continued)





Supplemental Disclosure of Cash Flow Information

     For the nine months ended September 30, 2001 and 2000, non-cash activities
included the following:
<TABLE>

                                                                  2001            2000
                                                                  ----            ----
Fair value of equipment and receivables
<S>                                                          <C>             <C>
   purchased for debt                                        $ 25,259,285    $  1,325,772
Non-recourse notes payable assumed in purchase price          (25,259,285)     (1,325,772)
                                                                             ------------

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

Principal and interest on direct finance receivables paid
   directly to lenders by lessees                            $    859,282    $       --

Rental income assigned operating lease receivables             12,175,367            --

Principal and interest paid directly to lenders by lessees    (13,034,649)           --
                                                             ------------    ------------

                                                             $       --      $       --
                                                             ============    ============
</TABLE>

     Interest expense of $4,016,703 for the nine months ended September 30, 2001
consisted of interest expense on non-recourse financing paid directly to lenders
by lessees of $3,583,073 and other interest of $433,630.


<PAGE>


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

                          Notes to Financial Statements

                               September 30, 2001
                                   (Unaudited)



1.   Organization

     ICON Income Fund Eight B L.P. (the "Partnership") was formed on February 7,
2000 (date of  inception)  as a  Delaware  limited  partnership  with an initial
capitalization  of $2,000.  It was formed to acquire  various types of equipment
subject  to  lease to third  parties.  The  Partnership's  maximum  offering  is
$75,000,000.  The  Partnership  commenced  business  operations  on its  initial
closing date, June 14, 2000, with the admission of 15,815.51 limited partnership
units at $100 per unit representing  $1,581,551 of capital contributions.  As of
December  31,  2000,  203,998.14  additional  units had been  admitted in to the
partnership  with aggregate  gross  proceeds of  $20,399,814  bringing the total
admission to 219,813.65  units totaling  $21,981,365  in capital  contributions.
During the nine months ended September 30, 2001, 463,085.60 additional units had
been admitted into the Partnership with aggregate gross proceeds of $463,308,560
bringing  the  total  to  682,899.25  units  totaling   $46,308,560  in  capital
contributions. On October 17, 2001, the Partnership had its final closing with a
cumulative  total of 750,000  units  admitted  totaling  $75,000,000  in capital
contributions.

     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.

2.   Basis of Presentation

     The   financial   statements   of  ICON  Income  Fund  Eight  B  L.P.  (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  financial  statements  should be read in  conjunction  with the financial
statements  and notes included in the  Partnership's  2000 Annual Report on Form
10-K.






<PAGE>


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

                    Notes to Financial Statements - Continued



3.   Related Party Transactions

     Fees and expenses paid or accrued by the Partnership to the General Partner
or its  affiliates  for the period  ended  September  30,  2001 and 2000 were as
follows:
<TABLE>

                                                        2001               2000
                                                        ----               ----

<S>                                                <C>                 <C>                   <C>
     Organization and offering expenses            $   1,005,001       $     462,190         Charged to equity
     Underwriting commissions                            926,171             264,108         Charged to equity
     Acquisition fees                                  2,918,237           1,071,247         Capitalized
     Management fees                                     946,330              57,018         Charged to operations
     Administrative expense reimbursements               401,913              22,895         Charged to operations
                                                   -------------       -------------

                                                   $   6,197,652       $   1,877,458
                                                   =============       =============
</TABLE>


     During the period ended September 30, 2001, the Partnership  entered into a
binding purchase  agreement to purchase a lease investment and paid a portion of
the purchase price thereof into an escrow account.  (see note 5). An acquisition
fee of $863,100  was paid to the General  Partner in the period with  respect to
this  acquisition.  These amounts were included in the caption Lease  investment
held in escrow on the September 30, 2001 balance sheet.

4.   Joint Ventures

     The Partnership and affiliates  formed five joint ventures  discussed below
for the purpose of acquiring and managing various assets.

     The  two  joint  ventures  described  below  are  majority  owned  and  are
consolidated with the Partnership.

     In 2000, the Partnership and three affiliates, 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") formed ICON  Cheyenne for the purpose
of acquiring a portfolio of leases with a purchase price of  $29,705,716,  which
was funded with cash and non-recourse  debt assumed.  The leases expire from May
2001 to September 2006. 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 Partnership's  consolidated  financial statements include 100% of
the assets and liabilities of ICON Cheyenne. L.P. Seven, L.P. Six and Fund Eight
A's interest in ICON Cheyenne have been reflected as minority  interest in joint
ventures.

     In 2000, the Partnership  and two  affiliates,  L.P. Seven and Fund Eight A
formed ICON  Aircraft for the purpose of acquiring an  investment in an aircraft
leased to  Scandinavian  Airlines  System with a purchase price of  $44,515,416,
which was funded with cash and non-recourse  debt assumed in the purchase price.
The lease expires in March 2003.  The  Partnership,  L.P. Seven and Fund Eight A
have ownership interests of 96%, 2% and 2%,  respectively in ICON Aircraft.  The
Partnership's  consolidated  financial statements include 100% of the assets and
liabilities  of ICON  Aircraft.  L.P.  Seven and Fund Eight A's interest in ICON
Aircraft have been reflected as minority interest in joint ventures.


<PAGE>





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

                    Notes to Financial Statements - Continued



     The  joint  ventures  described  below  are  less  than 50%  owned  and are
accounted for following the equity method.

Seacor Joint Ventures

     On July 13,  2001,  the  Partnership  and L.P.  Seven  formed  three  joint
ventures  known  as  "ICON/Janson  Graham  LLC,   "ICON/Pearl  Graham  LLC"  and
"ICON/Amanda Graham LLC", the three of which are referred to collectively as the
"Seacor Joint Ventures".  L.P. Seven  contributed  three offshore supply vessels
with a net book and approximate market value of $7,595,271,  and the Partnership
contributed  $3,273,407 in cash into the Seacor Joint  Ventures.  L.P. Seven and
the Partnership received 69.88% and 30.12% ownership interests, respectively, in
the Seacor Joint Ventures as a result of these contributions.

     The Partnership has the right during the first year of the ventures to sell
any of its three joint venture  interests to L.P. Seven at a price equal to 110%
of its  outstanding  investment  balance for any vessel  that is not  generating
rental  revenue for a three month  period.  L.P.  Seven has the right during the
first year of the  venture to  purchase  any of the  Partnership's  three  joint
venture  interests at a price equal to 105% of the  Partnership'  s  outstanding
investment  balance for any vessel that is not  generating  rental revenue for a
three month  period.  The vessels were subject to  operating  leases  during the
quarter ended  September 30, 2001,  however the leases expired and currently all
three vessels are off-lease.

     The Partnership's  original investment was recorded at a cost of $3,273,407
and is adjusted for its share of earnings, losses and distributions thereafter.



         Assets                                         $     10,897,327
                                                        ================

         Liabilities                                    $          -
                                                        ================

         Equity                                         $     10,897,327
                                                        ================

         Partnership's share of equity                  $      3,282,036
                                                        ================

         Net income                                     $         28,649
                                                        ================

         Partnership's share of net income              $          8,629
                                                        ================









<PAGE>


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

                    Notes to Financial Statements - Continued




5.       Lease Investment Held in Escrow

     During the quarter ended September 30, 2001, the Partnership entered into a
binding purchase  agreement to purchase a Boeing 757-200ER aircraft subject to a
17 month lease.  The  Partnership  deposited  $4,323,196  into an escrow account
pending  consummation  of the  transaction  (see  Note 3).  Consummation  of the
purchase  transaction is expected to occur on or prior to February 28, 2002. The
Partnership  expects to borrow  approximately $24.2 million in non-recourse debt
with a total purchase price at closing approximating $28.5 million.


6.       Investments in Unguaranteed Residual Values

     In the quarter ended September 30, 2001, the Partnership  acquired residual
interests in a portfolio of technology and other equipment leases for $792,148.

     The  investment  is carried at cost until sale of the  equipment,  at which
time a gain or loss will be recognized on each transaction,  however,  until the
equipment is sold, the investment  will be subject to the  Partnership's  policy
relating to  impairment  of  residuals,  as  disclosed in the notes to financial
statements  in the  Partnership's  2000 Form 10-K.  No income will be recognized
until the  underlying  equipment is sold.  Expiration of the  underlying  leases
commences in 2003.


7.       Contingencies

     Limited  partners who purchased  units after June 7, 2001 and before August
18,  2001 have the right to require the  Partnership  to  repurchase  his or her
units  within  the  one-year  period   following  such  purchase  since  certain
information  contained  in the  prospectus  used  during  this period was not as
current as required by the rules of the Securities and Exchange Commission.  The
repurchase  price  would be  equal  to the  offering  price  per  unit  less any
distributions received with respect to such units.  142,049.4793 units were sold
during this period resulting in gross offering proceeds of $14,204,947.93  which
units comprise 18.94% of all units that the  Partnership  sold. If a substantial
number of these limited partners choose to have their units  repurchased and the
Partnership's  available cash were less than the amount needed to repurchase the
units,  the Partnership  would have to sell equipment or borrow in order to fund
these  repurchases.  If the Partnership  were not able to resell the repurchased
units, the Partnerships investments may be less diversified than they would have
been if the  maximum  offering  were  raised.  There  were  no  unit  repurchase
transactions during the quarter ended September 30, 2001.




<PAGE>


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

                               September 30, 2001


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


Results of Operations for the Three Months Ended September 30, 2001 and 2000

     For the three months ended  September 30, 2001, the  Partnership  purchased
equipment  subject  to  lease at a cost of  $2,832,333  and  purchased  residual
interests  in a  portfolio  of  equipment  leases  at a cost  of  $792,148.  The
Partnership  also invested  $3,273,407 in three joint  ventures with L.P.  Seven
which owns and controls three off-shore vessels.  The Partnership also committed
to purchase aircraft equipment for a total purchase price of approximately $28.5
million.

     For the three months ended  September 30, 2000, the  Partnership  purchased
equipment subject to lease with an initial cost of $5,303,088 to one lessee.

     Revenues  for the three  months ended  September  30, 2001 were  $5,294,812
representing  an increase of  $5,074,380  over the 2000 period.  The increase in
revenue  resulted  from  the  significant  increase  in the  size  of the  lease
portfolio from one year ago.  Revenues for the three months ended  September 30,
2001 was comprised of rental income of  $4,504,568,  finance income of $675,440,
interest income and other of $59,567,  gain on sale of equipment of $46,608, and
income from investment in joint venture of $8,629.

     Expenses  for the three  months ended  September  30, 2001 were  $5,289,063
representing  an increase of  $5,165,564  over the 2000 period.  The increase in
expenses also resulted from the increase in the size of the Partnership's  lease
investments  portfolio,  an increase in Partnership borrowing levels and overall
growth in size of the operations of the Partnership from one year ago.  Expenses
for  the  three  month  period  ended   September  30,  2001  was  comprised  of
depreciation of $3,133,942,  interest  expense of $1,396,592,  management fees -
General Partner of $380,673,  administrative  expense  reimbursements  - General
Partner of $169,180,  amortization of initial direct costs of $64,443,  minority
interest expense of $39,309, and general and administrative expense of $104,924.

     Net income  for the three  months  ended  September  30,  2001 and 2000 was
$5,749 and $96,933,  respectively.  The net income per weighted  average limited
partnership  unit  outstanding was $.01 and $1.33 for the 2001 and 2000 periods,
respectively.


<PAGE>



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

                               September 30, 2001




Results of Operations for the Nine Months September 30, 2001 and 2000


     As the  Partnership  commenced  operations on June 14, 2000, the results of
operations  from date of inception  to September  30, 2000 do not reflect a full
nine months of activity.  Revenues for the nine months ended  September 30, 2001
were $14,948,481,  representing rental income of $13,159,408,  finance income of
$1,620,766,  interest  income and other of  $113,070,  gain on sale of equipment
$46,608, and income from investment in joint venture of $8,629. Expenses for the
nine months ended September 30, 2001 were $14,766,205, representing depreciation
of $8,854,350, interest expense of $4,016,703, management fees - General Partner
of  $946,330,   administrative  expense  reimbursements  -  General  Partner  of
$401,913,  amortization of initial direct costs of $139,081,  minority  interest
expenses of $125,944 and general and administrative expense of $281,884.

     Net  income  for the nine  months  ended  September  30,  2001 and 2000 was
$182,276 and $108,679, respectively. The net income per weighted average limited
partnership  unit  outstanding was $.48 and $1.83 for the 2001 and 2000 periods,
respectively.

Liquidity and Capital Resources

     The  Partnership's  primary  source  of  funds  for the nine  months  ended
September  30, 2001 were  capital  contributions,  net of  offering  expenses of
$40,672,703 and net cash provided by operations of $2,745,473.

     Funds  generated in 2001 were  utilized for  investments  in leases,  joint
ventures, and residual values with related costs aggregating  $22,712,574,  debt
repayments of $8,348,581 and cash  distributions  to partners of $3,061,418.  As
cash is realized from operations and 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.

     The  Partnership is monitoring  closely the impact of a slowing economy and
the  terrorist  attacks  of  September  11,  2001  on  its  lessees  in  certain
industries,  including the airlines industry.  However, as of September 30, 2001
there were no known  trends or demands,  commitments,  events or  uncertainties,
which are likely to have any material effect on liquidity.


<PAGE>


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




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.

     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  borrows funds under a floating rate line of credit and is
therefore  exposed to interest  rate risk until the floating rate line of credit
is repaid.  The Partnership's  had no borrowings  outstanding under the floating
rate line of credit as of September 30, 2001.


<PAGE>


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


PART II - OTHER INFORMATION


Item 6 - Exhibits and Reports on Form 8-K

No reports on Form 8-K were filed by the Partnership during the quarter ended
September 30, 2001.


<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 13, 2001                  /s/ Thomas W. Martin
-----------------------            --------------------------------------------
          Date                     Thomas W. Martin
                                   Executive Vice President
                                   (Principal financial and accounting officer
                                   of the General Partner of the Registrant)