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                    March 31, 2005
                               -------------------------------------------------

[ ] 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                 10011-1505
--------------------------------------------------------------------------------
 (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>

                          ICON Income Fund Eight B L.P.
                                      Index


<TABLE>
<CAPTION>


<S>                                                                              <C>
PART I - FINANCIAL INFORMATION

 Item 1.  Consolidated Financial Statements

     Consolidated Balance Sheets at March 31, 2005 (Unaudited)
       and December 31, 2004                                                       3-4

     Consolidated Statements of Operations for the three months ended
       March 31, 2005 and 2004 (Unaudited)                                           5

     Consolidated Statement of Changes in Partners' Equity for the three
       months ended March 31, 2005 (Unaudited)                                       6

     Consolidated Statements of Cash Flows for the three months ended March
       31, 2005 and 2004 (Unaudited)                                               7-8

     Notes to Consolidated Financial Statements (Unaudited)                       9-14

 Item 2.  General Partner's Discussion and Analysis of Financial Condition and
   Results of Operations                                                         15-24

 Item 3.  Quantitative and Qualitative Disclosures About Market Risk                24

 Item 4.  Controls and Procedures                                                   25

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings                                                         26

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                 26

Item 3.  Defaults Upon Senior Securities                                            26

Item 4.  Submission of Matters To A Vote of Security Holders                        26

Item 5.  Other Information                                                          26

Item 6.  Exhibits                                                                   26

  Signatures                                                                       27

Certifications                                                                   28-31

</TABLE>

                                       2
<PAGE>


                         PART I - FINANCIAL INFORMATION

Item 1.  Consolidated Financial Statements



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

                                     ASSETS


                                                (Unaudited)
                                                   March 31         December 31
                                                    2005              2004
                                                    ----              ----

 Cash and cash equivalents                     $       959,729    $   1,249,480
                                               ---------------    -------------

 Investments in finance leases:
     Minimum rents receivable                        9,476,598       10,440,930
     Estimated unguaranteed residual values          1,227,902        1,227,902
     Initial direct costs, net                          57,055           74,841
     Unearned income                                  (642,357)        (840,885)
     Allowance for doubtful accounts                  (411,742)        (411,742)
                                               ---------------    -------------

      Net investments in finance leases              9,707,456       10,491,046
                                               ---------------    -------------

 Investments in operating leases:
     Equipment, at cost                            136,954,992      138,085,569
     Accumulated depreciation                      (42,299,796)     (39,597,336)
                                               ---------------    -------------

      Net investments in operating leases           94,655,196       98,488,233
                                               ---------------    -------------

 Investments in joint ventures                       6,121,236        5,308,848
 Due from General Partner and affiliates                13,496           14,071
 Investment in option, at cost                       2,100,000        2,100,000
 Other assets, net                                   1,570,329        1,495,344
                                               ---------------    -------------

      Total assets                             $   115,127,442    $ 119,147,022
                                               ===============    =============

See accompanying notes to consolidated financial statements.

                                       3
<PAGE>

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

                        LIABILITIES AND PARTNERS' EQUITY


<TABLE>
<CAPTION>

                                                           (Unaudited)
                                                             March 31            December 31
                                                               2005                2004
                                                               ----                ----

<S>                                                     <C>                  <C>
 Notes payable - non-recourse                           $     75,771,171     $    83,080,022
 Notes payable - recourse                                      5,120,000           3,225,000
 Due to General Partner and affiliates                           168,968             169,543
 Deferred rental income                                        4,263,973           1,036,168
 Equipment sales advances                                             -               72,600
 Security deposits and other liabilities                       1,167,564           1,145,673
 Minority interest                                               770,405             820,725
                                                        ----------------     ---------------

    Total liabilities                                         87,262,081          89,549,731
                                                        ----------------     ---------------

 Commitments and contingencies
 Partners' equity:
    General Partner                                             (371,437)           (354,117)
    Limited Partners: 743,279.34 and 743,279.34 units
 outstanding, $100 per unit original issue price              28,236,798          29,951,408
                                                        ----------------     ---------------

    Total partners' equity                                    27,865,361          29,597,291
                                                        ----------------     ---------------

    Total liabilities and partners' equity              $    115,127,442     $   119,147,022
                                                        ================     ===============
</TABLE>

See accompanying notes to consolidated financial statements.

                                       4
<PAGE>


                         ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)
                      Consolidated Statements of Operations
                          Three Months Ended March 31,
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                2005                   2004
                                                                                ----                   ----

 Revenue:
<S>                                                                     <C>                       <C>
    Rental income                                                       $      5,138,607          $    5,050,467
    Finance income                                                               198,528                 334,191
    Net loss on sales of equipment                                              (177,729)               (483,330)
    Income from investments in joint ventures                                    139,396                 100,222
    Gain from sale of investment in unguaranteed residual values                 315,426                   -
    Interest and other income                                                         -                   16,989
                                                                        ----------------          --------------

      Total revenue                                                            5,614,228              5,018,539
                                                                        ----------------          -------------

 Expenses:
    Depreciation                                                               3,407,388               4,005,440
    Interest                                                                   1,150,722               1,660,538
    Management fees - General Partner                                            511,695                 559,734
    Administrative expense reimbursements - General Partner                      221,473                 244,331
    Aircraft maintenance                                                              -                  109,260
    General and administrative                                                   502,273                 355,723
    Amortization of initial direct costs                                          17,786                  40,323
    Bad debt expense                                                                  -                  411,742
    Minority interest                                                             33,244                 (70,632)
                                                                        ----------------          --------------

      Total expenses                                                           5,844,581               7,316,459
                                                                        ----------------          -------------

 Net loss                                                               $       (230,353)         $   (2,297,920)
                                                                        ================          ==============

 Net loss allocable to:
    Limited Partners                                                    $       (228,049)         $   (2,274,941)
    General Partners                                                              (2,304)                (22,979)
                                                                       -----------------          -------------

                                                                        $       (230,353)         $   (2,297,920)
                                                                        ================          ==============

 Weighted average number of limited partnership
   units outstanding                                                             743,279                 745,003
                                                                        ================          ==============

 Net loss per weighted average limited
   partnership unit                                                     $          (0.31)         $        (3.05)
                                                                        ================          ==============

</TABLE>

See accompanying notes to consolidated financial statements.

                                       5
<PAGE>

                         ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)
              Consolidated Statement of Changes in Partners' Equity
                        Three Months Ended March 31, 2005
                                   (Unaudited)

<TABLE>
<CAPTION>


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

<S>                                          <C>      <C>       <C>                    <C>             <C>
Balance, January 1, 2005                                              29,951,408            (354,117)        29,597,291


 Cash distributions to partners              2.00     $   -           (1,486,561)            (15,016)        (1,501,577)
 Net loss                                                               (228,049)             (2,304)          (230,353)
                                                                 ---------------       --------------   ---------------

Balance, March 31, 2005                                          $    28,236,798       $    (371,437)    $    27,865,361
                                                                 ===============       ==============    ==============

</TABLE>

See accompanying notes to consolidated financial statements.

                                       6
<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)
                      Consolidated Statements of Cash Flows
                          Three Months Ended March 31,
                                   (Unaudited)


<TABLE>
<CAPTION>


 Increase (decrease) in cash and cash equivalents                                2005                2004
                                                                                 ----                ----

<S>                                                                     <C>                  <C>
 Cash flows from operating activities
    Net loss                                                            $       (230,353)    $       (2,297,920)
    Adjustments to reconcile net loss
       to net cash used in operating activities:
     Rental income paid directly to lenders by lessees                        (4,491,678)            (4,675,227)
     Interest expense on non-recourse financing
       paid directly to lenders by lessees                                     1,059,817              1,309,081
     Depreciation                                                              3,407,388              4,005,440
     Finance income paid directly to lenders by lessees                         (151,950)              (227,871)
     Net loss on sales of equipment                                              177,729                483,330
     Income from investments in joint ventures                                  (139,396)              (100,222)
     Amortization of initial direct costs                                         17,786                 40,323
     Gain from sale of investment in unguaranteed residual values               (315,426)                  -
     Bad debt expense                                                                 -                 411,742
     Minority interest                                                            33,244                (70,632)
    Changes in operating assets and liabilities:
     Collection of principal - non-financed receivables                          148,209                371,421
     Due from General Partner and affiliates                                          -                 (10,152)
     Other assets                                                                (30,389)               (56,872)
     Deferred rental income                                                       28,643                (34,250)
     Security deposits and other liabilities                                      75,273                327,472
                                                                        ----------------     ------------------

 Net cash used in operating activities                                          (411,103)             (524,337)
                                                                        ----------------     ------------------

 Cash flows from investing activities:
    Proceeds from sales of equipment                                             169,060                100,000
    Equipment sales advances                                                          -               2,387,260
    Loans and advances to affiliates                                            (672,992)                   -
    Distributions to minority interest in  joint venture                         (83,565)              (356,990)
    Proceeds from sale of investment in unguaranteed residual values             315,426                323,577
    Distributions received from joint ventures                                        -                 227,166
                                                                        ----------------     ------------------

   Net cash (used in) provided by investing activities                          (272,071)             2,681,013
                                                                        ----------------     ------------------

 Cash flows from financing activities:
    Cash distributions to partners                                            (1,501,577)            (1,505,566)
    Proceeds from recourse borrowings                                          1,895,000                    -
    Redemption of limited partnership units                                           -                 (50,355)
                                                                        ----------------     ------------------

 Net cash provided by (used in) financing activities                             393,423            (1,555,921)
                                                                        ----------------     ------------------

 Net (decrease) increase in cash and cash equivalents                           (289,751)              600,755
 Cash and cash equivalents, beginning of the period                            1,249,480             1,760,803
                                                                        ----------------     ------------------

 Cash and cash equivalents, end of the period                           $        959,729     $        2,361,558
                                                                        ================     ==================

See accompanying notes to consolidated financial statements.
</TABLE>


                                       7
<PAGE>


                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)
                      Consolidated Statements of Cash Flows
                          Three Months Ended March 31,
                                   (Unaudited)


<TABLE>
<CAPTION>


                                                                               2005                2004
 Supplemental disclosure of cash flow information:
<S>                                                                     <C>                  <C>
    Cash paid during the period for interest                            $         90,905     $    351,457
                                                                        ================     ============

 Supplemental disclosure of non-cash investing and financing activities:
    Principal and interest paid directly to lenders by lessees          $      8,368,668     $  8,561,695
                                                                        ================     ============
    Transfer of investment in operating leases, net of accumulated
depreciation , to equipment held for sale or lease                      $            -       $ 35,761,800
                                                                        ================     ============
    Joint venture interests acquired from affiliate in exchange
 for amounts owed                                                       $        672,992     $        -
                                                                        ================     ============

</TABLE>
See accompanying notes to consolidated financial statements.

                                       8
<PAGE>
                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(1)    Basis of Presentation

     The  accompanying  consolidated  financial  statements  of ICON Income Fund
Eight B L.P (the "Partnership") have been prepared in accordance with accounting
principles  generally  accepted  in the  United  States of America  for  interim
financial  information  and  pursuant  to  the  rules  and  regulations  of  the
Securities  and  Exchange  Commission  for Form 10-Q.  Accordingly,  they do not
include all of the information and footnotes  required by accounting  principles
generally  accepted  in the United  States of  America  for  complete  financial
statements.  In the opinion of management,  all adjustments  (consisting only of
normal recurring  accruals)  considered  necessary for a fair  presentation have
been  included.  These  consolidated  financial  statements  should  be  read in
conjunction with the consolidated financial statements and notes included in the
Partnership's  2004  Annual  Report on Form 10-K.  The  results  for the interim
period are not necessarily indicative of the results for the full year.

     The  consolidated   financial   statements  include  the  accounts  of  the
Partnership and its majority owned  subsidiary.  All  intercompany  accounts and
transactions have been eliminated in consolidation. The Partnership accounts for
its  interests  in minority  owned  joint  ventures  under the equity  method of
accounting.  In such cases, the Partnership's  original investments are recorded
at cost and  adjusted for its share of earnings,  losses and  distributions.  In
joint ventures where the  Partnership's  ownership  interest is majority  owned,
minority  interest  represents the minority  venturer's  proportionate  share of
their equity in the joint  venture.  The  minority  interest is adjusted for the
minority venturer's share of the earnings or loss of the joint venture.

(2)    Organization

     The  Partnership  was  formed on  February  7, 2000 as a  Delaware  limited
partnership for the purpose of acquiring  equipment  subject to leases and, to a
lesser degree,  acquiring ownership rights to items of leased equipment at lease
expiration.

     The  Partnership  is currently  in its  "reinvestment"  phase,  wherein the
Partnership seeks to purchase  equipment from time to time through October 2006.
After the  "reinvestment  period",  the Partnership  will then begin to sell its
assets in the  ordinary  course  of  business  during a time  frame  called  the
"disposition  period".  If the  Partnership  believes it would be  beneficial to
reinvest  the  cash  flow  in  equipment  during  the  disposition  period,  the
Partnership  may do so, but the General  Partner will not receive any additional
fees in connection with such reinvestments.

     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 the terms of a management  agreement  with the  Partnership.
Additionally,   the  General  Partner  has  a  1%  ownership   interest  in  the
Partnership.

     Profits,  losses, cash distributions and disposition proceeds are allocated
99% to the limited  partners  and 1% to the General  Partner  until each limited
partner has received cash distributions and disposition  proceeds  sufficient to
reduce  its  adjusted  capital  contribution  account  to zero and  receive,  in
addition,  other  distributions  and  allocations  which would provide a 10% per
annum  cumulative  return on their  outstanding  adjusted  capital  contribution
account. After such time, the distributions will be allocated 90% to the limited
partners and 10% to the General Partner.


                                       9
<PAGE>
                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(2)    Organization - continued

     Certain  reclassifications have been made to the accompanying  consolidated
financial statements for the three months ended March 31, 2004 to conform to the
current period presentation.

(3)      Joint Ventures

     The Partnership and its affiliates,  entities managed and controlled by the
General Partner, formed six joint ventures,  discussed below, for the purpose of
acquiring and managing various assets. The Partnership and these affiliates have
substantially  identical investment objectives and participate on the same terms
and  conditions.  The  Partnership and the other joint venturers have a right of
first  refusal to purchase the  equipment,  on a pro-rata  basis,  if any of the
other joint  venturers  desire to sell their interests in the equipment or joint
venture.

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

     ICON Cheyenne LLC

     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 LLC ("ICON  Cheyenne")
for the purpose of  acquiring  and  managing a  portfolio  of  equipment  leases
consisting of over the road rolling stock, manufacturing equipment and materials
handling equipment.  The original  transaction  involved acquiring from Cheyenne
Leasing  Company a portfolio  of 119  leases,  of which 26 remain  active,  with
expiration dates ranging between March 2005 and October 2006. At March 31, 2005,
the Partnership,  L.P. Six, L.P. Seven and Fund Eight A had ownership  interests
of  96.73%,  1.0%,  1.27%,  and  1.0%,  respectively,   in  ICON  Cheyenne.  The
outstanding  balance of the non-recourse  debt secured by these assets, at March
31, 2005, was $234,997.

     ICON Aircraft 47820 LLC

     The Partnership and an affiliate, ICON Income Fund Nine LLC, ("Fund Nine"),
formed,  ICON Aircraft  47820 LLC ("ICON 47820") for the purpose of acquiring an
investment in a McDonnell Douglas DC 10-30F aircraft on lease to Federal Express
Corporation  ("FedEx").  The aircraft owned by ICON 47820 was acquired with cash
and the  assumption of  non-recourse  debt. The  Partnership  and Fund Nine have
ownership interests of 90% and 10%, respectively,  in ICON 47820. The lender has
a security  interest in the aircraft and an  assignment  of the rental  payments
under the lease.  The lease is scheduled to expire in March 2007,  at which time
the final  lease  payment  of  $2,916,523  will be used to repay  the  remaining
balance of the outstanding  non-recourse  debt. The  outstanding  balance of the
non-recourse debt secured by this aircraft, at March 31, 2005, was $11,098,919.

                                       10
<PAGE>

                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(3)    Joint Ventures - continued

     ICON SPK 2023-A, LLC

     The  Partnership  and an affiliate,  Fund Nine,  formed ICON SPK 2023-A LLC
("SPK  2023-A")  for the  purpose  of  acquiring  and  managing a  portfolio  of
equipment  leases  consisting  of  material  handling,  telecommunication,   and
computer equipment.  The original  transaction involved acquiring a portfolio of
32 leases,  of which 17 remain  active  with lease  expiration  dates at various
dates through April 2008.

     The three  joint  ventures  described  below  are 50% or less  owned by the
Partnership  and  are  accounted  for  under  the  equity  method,  whereby  the
Partnership's  original  investment  was recorded at cost and is adjusted by its
share of earnings, losses and distributions of the joint ventures.

      ICON Aircraft 126, LLC

     The Partnership and an affiliate,  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  Partnership  and Fund Nine each have
ownership  interests of 50% in ICON 126.  ICON 126  consolidates  the  financial
position and operations of D.A.L. in its consolidated financial statements.  The
aircraft is subject to non-recourse debt provided by unaffiliated lenders.

     Information  as to the  unaudited  results  of  operations  of ICON  126 is
summarized below:


                                                        Three Months Ended
                                                           March 31,
                                                      2005              2004
                                                  -------------    -------------
         Net income                               $     227,801    $     149,756
                                                  =============    =============
         Partnership's share of net income        $     113,901    $      74,878
                                                  =============    =============

     ICON Aircraft 46835, LLC

     The  Partnership and an affiliate,  Fund Nine,  formed ICON Aircraft 46835,
LLC ("ICON  46835") for the purpose of acquiring a McDonnell  Douglas  DC-10-30F
aircraft on lease to Fedex.  ICON 46835  acquired  the  aircraft  subject to the
Fedex lease with cash and the assumption of non-recourse  debt. The lender has a
security interest in the aircraft and an assignment of the rental payments under
the lease.  The lease is  scheduled  to expire in March 2007,  at which time the
final  lease  payment  of  $2,708,000  will  be  used  to  repay  the  remaining
outstanding balance of the non-recourse debt. The Partnership and Fund Nine have
ownership interests of 15% and 85%, respectively.

                                       11
<PAGE>
                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(3)    Joint Ventures - continued

     Information  as to the  unaudited  results of  operations  of ICON 46835 is
summarized below:

                                                     Three Months Ended
                                                         March 31,
                                                   2005              2004
                                               -------------    -------------
         Net income                            $      81,229    $      33,183
                                               =============    =============
         Partnership's share of net income     $      12,184    $       4,977
                                               =============    =============

     North Sea (Connecticut) Limited Partnership

     At March 31, 2005 the  Partnership  had a 5.93%  interest  in the  profits,
losses and  future  cash flows of North Sea  (Connecticut)  Limited  Partnership
("North Sea"). North Sea owns a mobile offshore drilling rig leased to the Rowan
Companies,  Inc.  which is in operation  in the Gulf of Mexico.  On February 23,
2005, in  consideration  for a $672,992  obligation  payable to the  Partnership
which arose as part of the Comerica Bank  Contribution  Agreement  (See Note 5),
L.P. Seven assigned to the  Partnership a 2.69% interest in the profits,  losses
and future cash flows of North Sea. After this transaction,  the Partnership has
a 5.93% interest in the profits,  losses and future cash flows of North Sea. The
fair value of the  interest  in North Sea was  determined  using an  independent
third party appraisal and cash flow analysis.

(4)    Related Party Transactions

     The  Partnership  has a net  payable in the amount of  $155,472  due to the
General  Partner and  affiliates  at March 31, 2005.  The  Partnership  owed the
General Partner $76,895 for unpaid  management fees and  administrative  expense
reimbursements  for the year ended December 31, 2004. The Partnership owned Fund
Nine  $92,648 for  advances  made during  prior  years to a joint  venture,  SPK
2023-A,  formerly  consolidated  with  Fund Nine and now  consolidated  with the
Partnership.

     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  March 31,  2005 and 2004,
respectively, were as follows:

                                                Three Months Ended
                                                     March 31,
                                              2005              2004
                                          -------------    -------------
Management fees                           $     511,695    $     559,734
Administrative expense reimbursements           221,473          244,331
                                          -------------    -------------

                                          $     733,168    $     804,065
                                          =============    =============

(5)    Line of Credit Agreement

     On May 30, 2002,  the  Partnership,  along with certain of its  affiliates;
L.P. Seven,  Fund Eight A and Fund Nine,  (collectively,  the "Initial  Funds"),
entered into a $17,500,000  line of credit  agreement  with Comerica  Bank.  The
Initial Funds accrue interest,  on all outstanding balances, at an interest rate
equal to the Comerica Bank base interest rate plus 1% (together,  6.75% at March
31, 2005).  Under the terms of the line of credit  agreement,  the Initial Funds
may borrow from  Comerica  Bank with all  borrowings to be jointly and severally
collateralized  by (i) cash  and  (ii)  the  present  values  of  certain  rents
receivable and equipment owned by the Initial Funds.  Effective  August 5, 2004,
the line of credit  agreement was amended to add ICON Income Fund Ten LLC ("Fund
Ten") as a borrower. The Initial Funds and Fund Ten are collectively referred to
as the  Borrowers.  On December 6, 2004,  the Loan and Security  Agreement  with
Comerica Bank was extended to December 30, 2005.


                                       12
<PAGE>
                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

     The Initial  Funds  entered into a  Contribution  Agreement,  dated May 30,
2002,  as  subsequently  amended  to  include  Fund Ten,  pursuant  to which the
Borrowers have agreed to certain  restrictions on the amounts and terms of their
respective  borrowings  under the line of credit  agreement in order to minimize
the risk that a  Borrower  would be unable to repay  its  allocable  portion  of
outstanding line of credit obligations at any time. These  restrictions  include
borrowing  in  excess  of the  lesser  of  (a) an  amount  each  Borrower  could
reasonably  expect to repay in one year from its projected cash flow, or (b) the
greater of (i) the borrowing  base, as defined in the line of credit  agreement,
as  applied  to such  and  (ii)  50% of the net  worth  of  such  Borrower.  The
Contribution Agreement provides that, in the event a Borrower is required to pay
an amount  under this  agreement in excess of its  allocable  share of the total
obligations under the line of credit agreement, whether by reason of an event or
default or otherwise,  the other Borrowers will  immediately make a contribution
payment to such  Borrower and in such amount that the  aggregate  amount paid by
each Borrower  reflects its allocable share of the aggregate  obligations  under
the line of credit agreement. The Borrowers' obligations to each other under the
Contribution Agreement are collateralized by a subordinate lien on the assets of
each participating Borrower.

     During 2005, the Partnership  paid Comerica Bank a portion of L.P.  Seven's
outstanding  obligations.  As  required  under  the  terms  of the  Contribution
Agreement,  L.P. Seven was required to promptly repay the Partnership the amount
paid on L.P.  Seven's behalf.  L.P. Seven did not have  sufficient  liquidity to
repay the Partnership.  Therefore,  L.P. Seven assigned the Partnership 2.69% of
L.P. Seven's interest in the profits,  losses and cash flows of North Sea valued
at $672,992 as full repayment of monies due to them.

     Aggregate  borrowings by the Borrowers under the Loan Agreement amounted to
$11,830,000  at March 31,  2005.  The  Partnership  has  advances of  $5,120,000
outstanding under this line of credit.

     Effective  March 8, 2005,  the Initial  Funds and Fund Ten  entered  into a
Seventh  Amendment to the Loan and Security  Agreement with Comerica Bank.  This
Agreement  releases L.P. Seven from all of its rights and obligations  under the
Loan and Security  Agreement dated as of May 30, 2002. As such, L.P. Seven is no
longer a party to the $17,500,000 line of credit.

(6)    Recent Accounting Pronouncements

     On June 1, 2005 the Financial  Accounting  Standards Board issued Statement
of Financial Accounting Standards ("SFAS") No. 154 "Accounting Changes and Error
Corrections" ("SFAS 154") which replaces Accounting Principles Board Opinion No.
20,  "Accounting  Changes"  ("APB  20") and SFAS No.  3,  "Reporting  Accounting
Changes in Interim  Financial  Statements," and changes the requirements for the
accounting  for and  reporting  of a change in  accounting  principle.  SFAS 154
requires  retrospective  application to prior periods' financial statements of a
voluntary  change in accounting  principle  unless it is  impracticable.  APB 20
previously  required  that most  voluntary  changes in  accounting  principle be
recognized by including in net income of the period of the change the cumulative
effect of changing to the new accounting  principle.  The  Partnership  does not
expect the adoption of SFAS 154 to have an impact on our  financial  position or
results of operations.


                                       13
<PAGE>
                          ICON Income Fund Eight B L.P.
                        (A Delaware Limited Partnership)
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

     Management does not believe that any recently issued, but not yet effective
accounting pronouncements, if currently adopted, would have a material effect on
the accompanying consolidated financial statements.

(7)    K-Mart Litigation

     On January  22,  2002,  K-Mart  Corporation  ("K-Mart")  and its  affiliate
debtors filed a voluntary petition in the United States Bankruptcy Court for the
Eastern  District  of Illinois  seeking  relief  under  Chapter 11 of the United
States   Bankruptcy   Code.  The  Partnership  is  the  lessor  of  179  Noritsu
Optical/Digital  photo  processing  mini-labs  located at Kmart retail locations
throughout the country.

     The General Partner has been negotiating with K-Mart in an attempt to enter
into a stipulation agreement with K-Mart in the near future wherein K-Mart would
affirm four of the five equipment lease schedules covering the Noritsu mini-labs
they have leased from us. As part of the  settlement,  Kmart would also agree to
reimburse us for overdue property tax payments made by the Partnership. Although
K-Mart emerged from Chapter 11 during 2004,  the  Bankruptcy  Court has retained
jurisdiction over this matter.

     At March 31, 2005,  K-Mart was current on their rental payments for four of
the five equipment  lease  schedules.  On June 21, 2005,  the  Bankruptcy  Court
rejected one of our equipment leases and title for this equipment was granted to
us. Additionally,  we were awarded  approximately  $220,000 for overdue property
tax payments previously paid by us.

                                       14
<PAGE>

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

     The  following is a  discussion  of our results of  operations  and current
financial  position.  This  discussion  should be read in  conjunction  with our
unaudited consolidated financial statements and related notes included elsewhere
in this report and the audited  consolidated  financial  statements  and related
notes included in our Annual Report on Form 10-K for the year ended December 31,
2004.

     As used in this  quarterly  report on Form 10-Q,  references to "we," "us,"
"our"  or  similar  terms  include  ICON  Income  Fund  Eight  B  L.P.  and  its
consolidated subsidiaries.

     Forward-Looking  Information - The following discussion and analysis should
be read in conjunction with the audited  consolidated  financial  statements and
notes  included  in our annual  report on Form 10-K  dated  December  31,  2004.
Certain   statements   within  this  document  may  constitute   forward-looking
statements within the meaning 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.
We believe that the expectations  reflected in such  forward-looking  statements
are based on reasonable  assumptions.  Any such  forward-looking  statements are
subject to risks and  uncertainties  and our future results of operations  could
differ materially from historical results or current expectations. Some of these
risks  are  discussed  in  this  report,   and  include,   without   limitation,
fluctuations in oil and gas prices;  level of fleet additions by competitors and
industry  overcapacity;  changes in capital  spending by  customers in the cargo
delivery  industry;  changing customer demands for aircraft;  acts of terrorism;
unsettled  political  conditions,  war, civil unrest and  governmental  actions;
disease;  foreign currency  fluctuations;  and environmental and labor laws. Our
actual  results  could  differ   materially  from  those   anticipated  by  such
forward-looking  statements  due to a number  of  factors,  some of which may be
beyond our control, including, without limitation:

o    changes in our industry, interest rates or the general economy;

o    the degree and nature of our competition;

o    availability of qualified personnel;

o    cash flows from operating  activities may be less than our current level of
     expenses and debt obligations;

o    the financial condition of lessees; and o lessee defaults.

     Business Overview

     We are an equipment leasing business formed on February 7, 2000 which began
active  operations  on June 14,  2000.  We  primarily  engage in the business of
acquiring  equipment  subject  to  lease  and,  to a  lesser  degree,  acquiring
ownership rights to items of leased equipment at lease  expiration.  Some of our
equipment  leases are acquired for cash and are expected to provide current cash
flow, which we refer to as "income"  leases.  The majority of the purchase price
of our other  equipment  leases will be financed,  so these leases will generate
little or no current cash flow because  substantially all of the rental payments
received from a lessee will be paid to a lender.  For these "growth" leases,  we
anticipate  that the future value of the leased  equipment  will exceed the cash
portion of the purchase  price paid for the  equipment.  We are currently in our
"reinvestment"  phase,  wherein we seek to purchase  equipment from time to time
through October 2006.

                                       15
<PAGE>

     We initially  invested  most of the net proceeds from our offering in items
of equipment subject to a lease. Additionally,  additional investments have been
made with the cash  generated  from our initial  investments  to the extent that
cash has not been needed for expenses,  reserves and distributions to investors.
The investment in additional equipment in this manner is called  "reinvestment."
We anticipate  purchasing  equipment from time to time until five years from the
date we completed the offering of limited partnership interests. That time frame
is called the "reinvestment period," which we may extend for an additional three
years, at our discretion. After the "reinvestment period," we will then sell our
assets in the  ordinary  course  of  business  during a time  frame  called  the
"disposition  period." If we believe it would benefit  investors to reinvest our
cash flow in  equipment  during the  disposition  period,  we may do so, but the
General  Partner will not receive any  additional  fees in connection  with such
reinvestments.  Our goal is to complete  the  disposition  period in three years
after  the end of the  reinvestment  period,  but it may take  longer  to do so.
Accordingly,  an investor  should expect to hold his units for at least 10 years
from the time he invests.

     Substantially all of our recurring  operating cash flows are generated from
the single investor  leases in our portfolio.  On a monthly basis, we deduct the
expenses related to the recurring operations of the portfolio from such revenues
and assess the amount of the remaining  cash flows that will be required to fund
known re-leasing costs and equipment  management  costs. Any residual  operating
cash flows are considered  available for  distribution  to the investors and are
paid monthly (up until the distribution period). We anticipate increases in cash
available for operating  distributions  to investors due to the  acquisition  of
more single-investor deals.

     Our  current  portfolio,  which we hold either  directly  or through  joint
venture  investments  with  affiliates  and others,  consists  primarily  of the
following equipment subject to lease:

     Air Transportation Industry:

o    We have a 90% interest in a McDonnell Douglas  DC-10-30F  aircraft on lease
     with Federal Express Corporation with an expiration date of March 31, 2007.
     This lease may be renewed for up to five years  thereafter.  Our portion of
     the purchase price was approximately $24,405,000 comprised of approximately
     $2,615,000 in cash and approximately $21,790,000 of non-recourse debt.

o    We have a 100% interest in one Airbus A340-313X aircraft and a 50% interest
     in a  second  Airbus  A340-313X  aircraft,  both on lease  to  Cathay  with
     expiration  dates of March  31,  2006.  We have  entered  into  preliminary
     negotiations with Cathay regarding possible lease extensions.  The purchase
     price of the first  aircraft  was  approximately  $76,467,000  comprised of
     $4,250,000 in cash and approximately  $72,217,000 of non-recourse debt. Our
     portion of the  purchase  price of the second  aircraft  was  approximately
     $38,125,000 comprised of approximately $2,125,000 in cash and approximately
     $36,000,000 of non-recourse debt.

o    We have a 100%  interest in five  aircraft  engines on lease to TWA, LLC, a
     subsidiary  of American  Airlines.  The lease is scheduled to expire on May
     28, 2008. The aggregate purchase price was $5,950,000 in cash.

o    We have a 100%  interest  in one  flight  simulator  on  lease  to  British
     Aerospace,  Inc. ("BAE"). The lease will expire on March 27, 2006, at which
     time BAE may renew the lease for two additional terms of one year each. The
     purchase price was  approximately  $12,892,000  comprised of  approximately
     $2,062,000 in cash and $10,830,000 of non-recourse debt.

     Information Technology Industry

o    We  have a 100%  interest  in  five  schedules  consisting  of 179  Noritsu
     Optical/Digital  photo processing  mini-labs  subject to lease with K-Mart.
     The lease  expiration  dates range  between  April 30, 2006 and January 31,
     2007.  The aggregate  purchase  price for the  equipment was  approximately
     $18,234,000  comprised of approximately  $682,000 in cash and approximately
     $17,552,000 of non-recourse debt.

                                       16
<PAGE>

     On January 22, 2002,  K-Mart and its  affiliate  debtors  filed a voluntary
petition  in the United  States  Bankruptcy  Court for the  Eastern  District of
Illinois  seeking relief under Chapter 11 of the United States  Bankruptcy Code.
We have been negotiating  with K-Mart and we are currently  hopeful that we will
be able to enter into a  stipulation  agreement  with  K-Mart in the near future
wherein K-Mart would affirm four of the five equipment lease schedules  covering
the  Noritsu  mini-labs  they have on lease with us. As part of the  settlement,
K-Mart  would also agree to  reimburse  us for overdue  property  tax  payments.
Although  K-Mart emerged from  bankruptcy  last year,  the Bankruptcy  Court has
retained  jurisdiction over this matter.  K-Mart is current in their payments to
us on the  remaining  four  equipment  lease  schedules.  On June 21, 2005,  the
Bankruptcy  Court  rejected  one of our  equipment  leases  and  title  for this
equipment  was  granted  to us.  Additionally,  we  were  awarded  approximately
$240,000 for overdue property tax payments previously paid by us.

     Other Equipment

o    We have a  96.73%  interest  in ICON  Cheyenne.  ICON  Cheyenne  is a joint
     venture which holds an equipment portfolio  consisting of various equipment
     leases, including over the road rolling stock,  manufacturing equipment and
     materials handling equipment.  The original  transaction involved acquiring
     from Cheyenne Leasing Company a portfolio of 119 leases, of which 26 remain
     active with  expiration  dates ranging between March 2005 and October 2006.
     Our portion of the purchase price was approximately  $29,706,000  comprised
     of  approximately  $11,401,000  in cash and  approximately  $18,305,000  of
     non-recourse debt.

     2005 Portfolio Activity

     Mobile Offshore Oil Rig

     On February  23, 2005,  L.P.  Seven  assigned  2.69% of its interest in the
profits, losses and future cash flows of a mobile offshore drilling rig, subject
to a lease  with  Rowan  Companies,  Inc.  to us for  $672,992,  increasing  our
ownership interest to 5.93%. This assignment was made in order for L.P. Seven to
repay its  outstanding  debt  obligation  to us as required by the  Contribution
Agreement. This amount represented L.P. Seven's proportionate fair value of L.P.
Seven's  interest in the mobile offshore  drilling rig at February 23, 2005. The
fair  value  of the  mobile  offshore  drilling  rig  was  determined  using  an
independent third party appraisal and cash flow analysis.

     Cathay Pacific Aircraft Lease Extension

     We have entered into  negotiations  with Cathay  regarding a possible lease
extension.  The initial term of all equipment on lease to Cathay is scheduled to
expire on March 31, 2006.

     Economic and Industry Factors

     Our results continue to be impacted by a number of factors  influencing the
United States of America's  economy as well as the equipment  leasing  industry,
some of which are discussed below.

     United States Economy

     The economy of the United States of America  appears to be recovering,  and
the leasing  industry's  outlook for the foreseeable  future is encouraging.  We
foresee an  increase  in capital  spending by  corporations  through  2007 which
should increase available leases, and to that end, we believe there will be more
opportunities  in this  market.  Nonetheless,  a key  obstacle  still facing the
leasing industry is the continued low interest rate  environment,  which reduces
leasing  volume  inasmuch as  customers  are more prone to purchase  than lease.
Other factors which may negatively  affect the leasing industry are the proposed
legal and  regulatory  changes  that may affect tax  benefits of leasing and the
continued misperception by potential lessees,  stemming from Enron, WorldCom and
others, that leasing should not play a central role as a financing  alternative.
However,  as economic growth  continues and interest rates  inevitably  begin to
rise  over  time,  we are  optimistic  that  more  lessees  will  return  to the
marketplace.

                                       17
<PAGE>

     Air Transportation Industry

     The  domestic  aircraft  leasing  industry  has been on the  downside  of a
business  cycle and  continues to remain  there.  This has resulted in depressed
sales prices for assets such as our aircraft interests.  It does not appear that
the industry will recover  significantly in the very near future especially with
the  recent  increases  in the price of  gasoline  and the fare wars  within the
domestic air  transportation  industry.  We are optimistic  that a recovery will
occur  within two to three  years  time.  However,  a further  weakening  of the
industry could cause the proceeds  realized from the future sale of our aircraft
to be even less than suggested by recent appraisals.

     Information Technology Industry

     As a result of the cyclical behavior of the information technology industry
and its focus on the consumer,  all  manufacturers are vulnerable to market down
turns.  Regardless of the product being offered,  the intrinsic boom-bust nature
of the  technology  sector  challenges  companies to  constantly  try to improve
and/or create  innovative  changes in their products,  aggressively  pushing the
incumbent  equipment  into  obsolescence.  There is no assurance that we will be
able to locate a willing  buyer or lessee for our assets,  or if one is located,
that the  buyer or lessee  will pay a price for the asset at least  equal to the
appraised value.

     Inability to Remarket Assets

     The market for some of our assets is not very liquid.  If current equipment
lessees  choose not to renew  their  leases or  purchase  other  equipment  upon
expiration of the existing lease, we will need to remarket the equipment.  There
is no assurance that we will be able to locate a willing buyer or lessee for our
assets, or if one is located,  that the buyer or lessee will pay a price for the
asset at least equal to the appraised value.

     Critical Accounting Policies

     An  appreciation  of our  critical  accounting  policies  is  necessary  to
understand our financial results. These policies may require the General Partner
to make difficult and subjective  judgments  regarding  uncertainties,  and as a
result,  such  estimates may  significantly  impact our financial  results.  The
precision of these  estimates and the  likelihood of future  changes depend on a
number of underlying variables and a range of possible outcomes.  We applied our
critical accounting policies and estimation methods  consistently in all periods
presented.  We consider the following  accounting policies to be critical to our
business:

o        Lease classification and revenue recognition
o        Asset impairments
o        Depreciation

     Lease Classification and Revenue Recognition

     The equipment we lease to third  parties is classified  either as a finance
lease, a leveraged lease, or an operating lease,  which is determined based upon
the terms of each lease. Initial direct costs are capitalized and amortized over
the term of the related  lease for both a finance  lease and a leveraged  lease.
For an operating  lease, the initial direct costs are included as a component of
the cost of the equipment and depreciated.

                                       18
<PAGE>

     For finance leases, we record, at lease inception,  the total minimum lease
payments receivable from the lessee, the estimated  unguaranteed  residual value
of the equipment at lease  termination,  the initial direct costs related to the
lease and the related unearned income. Unearned income represents the difference
between the sum of the minimum  lease  payments  receivable  plus the  estimated
unguaranteed residual minus the cost of the leased equipment. Unearned income is
recognized as finance income ratably over the term of the lease.

     For leveraged leases, we record, at lease inception,  our net investment in
the equipment  which  consists of the minimum  lease  payments  receivable,  the
estimated  unguaranteed residual value of the equipment at lease termination and
the initial  direct costs related to the lease,  net of the unearned  income and
principal  and interest on the related  non-recourse  debt.  Unearned  income is
recognized  as income over the life of the lease at a constant rate of return on
the positive net investment.

     For operating leases, income is recorded as rental income and is recognized
on the straight line method over the lease term.

     Our General  Partner has an  Investment  Committee  that  approves each new
equipment  acquisition.  As part  of  their  process  the  Investment  Committee
determines the residual value to be used once the acquisition has been approved.
The factors  considered in determining  the residual value include,  but are not
limited to, the  creditworthiness of the potential lessee, the type of equipment
being  considered,  how the equipment is integrated  into the potential  lessees
business,  the length of the lease and  industry in which the  potential  lessee
operates.  Residual  values are reviewed for  impairment in accordance  with our
policy to review all significant assets in our portfolio.

     Asset Impairments

     The significant assets in our asset portfolio are periodically reviewed, at
least  annually,  by  management,  to  determine  whether  events or  changes in
circumstances  indicate  that  the  carrying  value  of  an  asset  may  not  be
recoverable.  Management uses qualified third party  appraisers to assist in the
review process.  An impairment loss will be recognized if the carrying amount of
a  long-lived  asset is not  recoverable  and exceeds  its fair  value.  In such
circumstances,  we will estimate the future cash flows (undiscounted and without
interest  charges) expected to result from the use of the asset and its eventual
disposition.  Future cash flows are the cash inflows expected to be generated by
an asset  less the cash  outflows  expected  to be  necessary  to  obtain  those
inflows. An impairment loss will be measured as the amount by which the carrying
amount of a long-lived asset exceeds its fair value.

     The events or changes in  circumstances  which  generally  indicate that an
asset  may be  impaired  are (i) the  estimated  fair  value  of the  underlying
equipment  is less than our  carrying  value or (ii) the lessee is  experiencing
financial difficulties and it does not appear likely that the estimated proceeds
from the  disposition  of the asset will be  sufficient to satisfy the remaining
obligation  to the lender and our residual  position in the asset.  Generally in
the latter  situation,  the residual  position  relates to equipment  subject to
third party notes payable where the lessee remits their rental payments directly
to the lender and we do not recover our residual position until the note payable
is repaid in full.

     Depreciation

     We record  depreciation  expense on  equipment  classified  as an operating
lease.  In order to calculate  depreciation,  we first determine the depreciable
equipment cost,  which is the cost less estimated  residual value. The estimated
residual  value  is  our  estimate  of  the  value  of the  equipment  at  lease
termination.  The estimated residual value is reviewed annually,  by management,
to  determine  whether an  impairment  charge may be required.  Management  uses
qualified third party  appraisers to assist in the review process.  Depreciation
expense is recorded ratably over the term of the related lease.

                                       19
<PAGE>

     New Accounting Pronouncements

     On June 1, 2005 the Financial  Accounting  Standards Board issued Statement
of Financial Accounting Standards ("SFAS") No. 154 "Accounting Changes and Error
Corrections" ("SFAS 154") which replaces Accounting Principles Board Opinion No.
20,  "Accounting  Changes"  ("APB  20") and SFAS No.  3,  "Reporting  Accounting
Changes in Interim  Financial  Statements," and changes the requirements for the
accounting  for and  reporting  of a change in  accounting  principle.  SFAS 154
requires  retrospective  application to prior periods' financial statements of a
voluntary  change in accounting  principle  unless it is  impracticable.  APB 20
previously  required  that most  voluntary  changes in  accounting  principle be
recognized by including in net income of the period of the change the cumulative
effect of changing to the new accounting principle.

     Management does not believe that any recently issued, but not yet effective
accounting pronouncements, if currently adopted, would have a material effect on
the accompanying consolidated financial statements.

     Results of Operations  for the Three Months Ended March 31, 2005 (the "2005
Quarter") and 2004 (the "2004 Quarter")

     We are currently in our  reinvestment  period and  anticipate  entering our
disposition period during October 2006 unless we extend the reinvestment  period
for an additional three years.  While in the reinvestment  period we continue to
look for equipment leases to purchase, either with cash or with a combination of
cash and  financing.  As such,  we expect our revenue will  fluctuate due to our
selling some equipment leases while purchasing other equipment  leases.  We also
expect to have gains and losses  from the sales of  equipment  during  this time
period.  As  for  expenses  we  anticipate  interest  expense  to  decrease  our
outstanding debt decreases. If we enter into an equipment lease where we finance
a portion of the purchase price then interest expense may increase.

     Revenues for the 2005 Quarter and 2004 Quarter are summarized as follows:


<TABLE>
                                                        Three Months Ended March 31,
                                                             2005            2004          Change

<S>                                                     <C>              <C>             <C>
 Total revenue                                          $    5,614,228   $   5,018,539   $     595,689
                                                        ==============   =============   =============

 Rental income                                          $    5,138,607   $   5,050,467   $      88,140
 Finance income                                         $      198,528   $     334,191   $    (135,663)
 Net loss on sale of equipment                          $    (177,729)   $    (483,330)  $     305,601
 Income from investments in joint ventures              $      139,396   $     100,222   $      39,174
 Gain from investments in unguaranteed residual values  $      315,426   $         -     $     315,426
 Interest and other income                              $         -      $      16,989   $     (16,989)

</TABLE>

     Revenue for the 2005 Quarter decreased  $595,689,  or 11.9%, as compared to
the  2004  Quarter.  The  change  in our net loss on sale of  equipment  was due
primarily  to  two  equipment   sales  during  the  2004  Quarter  to  Solectron
Corporation  and  Lucent  Technologies.  There  was an  increase  in  gain  from
investments in  unguaranteed  residual  values from sales  equipment on lease to
W.H. Smith. We had no related sales during the 2004 Quarter.

                                       20
<PAGE>

     Expenses  for the 2005  Quarter  and the 2004  Quarter  are  summarized  as
follows:


<TABLE>
<CAPTION>
                                                  2005             2004           Change

<S>                                          <C>             <C>             <C>
 Total expenses                              $   5,844,581   $   7,316,459   $ (1,471,878)
                                            ==============   =============   =============

 Depreciation                                $   3,407,388   $   4,005,440   $    (598,052)
 Interest                                    $   1,150,722   $   1,660,538   $    (509,816)
 Management fees - General Partner           $     511,695   $     559,734   $      (48,039)
 Administrative expense reimbursement
   - General Partner                         $     221,473   $     244,331   $      (22,858)
 Aircraft maintenance                        $         -     $     109,260   $    (109,260)
 General and administrative                  $     502,273   $     355,723   $     146,550
 Amortization of initial direct costs        $      17,786   $      40,323   $      (22,537)
 Bad debt expense                            $         -     $     411,742   $    (411,742)
 Minority interest                           $      33,244   $     (70,632)  $     103,876

</TABLE>

     Expenses for the 2005 Quarter decreased $1,471,878, or 20.1%, from the 2004
Quarter.  The  decreases in  depreciation,  interest  and  aircraft  maintenance
expense are all related to the sale of equipment in several joint ventures, ICON
Cheyenne  and ICON  Aircraft  24846,  during  2004.  During the 2004  Quarter we
recorded bad debt expense  related to one K-Mart  equipment  lease schedule that
K-Mart has been attempting to reject as part of its bankruptcy proceeding.

                                       21
<PAGE>
     Net Loss

     As a  result  of the  factors  discussed  above,  the net loss for the 2005
Quarter and the 2004 Quarter was $230,353 and $2,297,920,  respectively. The net
loss per weighted  average  limited  partnership  unit  outstanding was $.31 and
$3.05 for the 2005 Quarter and the 2004 Quarter, respectively.

     Liquidity and Capital Resources

     Sources of Cash

     We  believe  that with the cash we have  currently  available,  cash  being
generated from our leases, and proceeds from equipment sales, we have sufficient
cash to continue our operations into the foreseeable future.  During the quarter
ended March,  2005, we received  approximately  $148,000  from our  non-financed
equipment leases, approximately $169,000 from the proceeds of sales of equipment
and  approximately  $1,895,000 from our line of credit.  Our primary use of cash
during the quarter  ended March 31, 2005 was cash  distributions  to partners of
approximately $1,502,000 and advances to affiliates of approximately $673,000.

     Financings and Borrowings

     We have both  non-recourse  debt and recourse  debt at March 31, 2005.  Our
non-recourse debt consists of notes payable in which the lenders have a security
interest in the equipment and an  assignment  of the rental  payments  under the
leases.  The lenders are being paid  directly by the lessees.  Our  non-recourse
debt accrues  interest at rates ranging from 4.035% per year to 10.05% per year.
The outstanding balances of our non-recourse notes payable at March 31, 2005 was
$75,771,171.

     We and certain of our affiliates, specifically L.P. Seven, ICON Income Fund
Eight A L.P.,  and ICON  Income  Fund  Nine,  LLC  (collectively,  the  "Initial
Funds"),  entered into a $17,500,000 line of credit agreement with Comerica Bank
as of May 30, 2002, as amended. Interest accrues on all outstanding balances, at
an interest rate equal to the Comerica Bank base interest rate plus 1% (together
is 6.75% at March 31,  2005).  Under the terms of the line of credit  agreement,
the Initial Funds may borrow money from Comerica Bank with all  borrowings to be
jointly and severally  collateralized by (i) cash and (ii) the present values of
certain rents  receivable and equipment  owned by the Initial  Funds.  Effective
August 5, 2004,  the line of credit  agreement  was amended to add Fund Ten as a
borrower.  The Initial  Funds and Fund Ten are  collectively  referred to as the
Borrowers. The line of credit agreement expires on December 30, 2005.

     The Initial  Funds  entered into a  Contribution  Agreement,  dated May 30,
2002,  as  subsequently  amended  to  include  Fund Ten,  pursuant  to which the
Borrowers have agreed to certain  restrictions on the amounts and terms of their
respective  borrowings  under the line of credit  agreement in order to minimize
the risk that a  Borrower  would be unable to repay  its  allocable  portion  of
outstanding line of credit obligations at any time. These  restrictions  include
borrowing  in  excess  of the  lesser  of  (a) an  amount  each  Borrower  could
reasonably  expect to repay in one year from its projected cash flow, or (b) the
greater of (i) the borrowing  base, as defined in the line of credit  agreement,
as  applied  to such  and  (ii)  50% of the net  worth  of  such  Borrower.  The
Contribution  Agreement  provides  that,  in the event a Borrower pays an amount
under this agreement in excess of its allocable  share of the total  obligations
under the line of credit agreement,  whether by reason of an event or default or
otherwise,  the other Borrowers will immediately make a contribution  payment to
such Borrower and in such amount that the aggregate amount paid by each Borrower
reflects its  allocable  share of the  aggregate  obligations  under the line of
credit   agreement.   The  Borrowers'   obligations  to  each  other  under  the
Contribution Agreement are collateralized by a subordinate lien on the assets of
each participating Borrower.

                                       22
<PAGE>

     On February  23, 2005,  L.P.  Seven  assigned  2.69% of its interest in the
profits, losses and future cash flows of a mobile offshore drilling rig, subject
to a lease  with  Rowan  Companies,  Inc.  to us for  $672,992,  increasing  our
ownership interest to 5.93%. This amount represented L.P. Seven's  proportionate
fair value of L.P.  Seven's  interest  in the mobile  offshore  drilling  rig at
February  23,  2005.  The fair value of the  mobile  offshore  drilling  rig was
determined using an independent third party appraisal.

     Effective  March 8, 2005,  the Initial  Funds and ICON Income Fund Ten, LLC
entered  into a  Seventh  Amendment  to the Loan  and  Security  Agreement  with
Comerica Bank.  This Agreement  released ICON Cash Flow Partners L.P. Seven from
all of its obligations under the Loan and Security Agreement dated as of May 30,
2002. As such,  ICON Cash Flow  Partners L.P.  Seven is no longer a party to the
$17,500,000 line of credit.

     Aggregate  borrowings  by all  Funds  under  the line of  credit  agreement
amounted to  $11,830,000  at March 31, 2005.  We currently  have  $5,120,000  of
borrowings under this line of credit.

     Distributions

     We pay monthly  distributions  to our limited  partners  beginning with the
first month after the limited partners' admission through the termination of the
operating  period,  which  we  anticipate  will be  October  16,  2006.  We paid
distributions  to limited partners for the quarter ended March 31, 2005 and 2004
of $1,486,561 and $1,490,510,  respectively.  We paid  distributions  to General
Partner  for the quarter  ended March 31, 2005 and 2004 of $15,016 and  $15,056,
respectively.

     Commitments

     At March 31, 2005 we are parties to both  recourse and  non-recourse  debt.
The lenders have security  interests in equipment  relating to the  non-recourse
debt and an assignment of the rental  payments  under the leases.  If the lessee
were to default on the non-recourse  debt the equipment would be returned to the
lender in extinguishment of the non-recourse  debt. The recourse debt relates to
the Comerica Bank line of credit which is more fully discussed in the financings
and borrowings section above.

     Risks and Uncertainties

     At March 31, 2005,  except as noted above in the Business  Overview section
and listed below in the Risk Factors section,  and to the best of our knowledge,
there were no known  trends or  demands,  commitments,  events or  uncertainties
which are likely to have a material effect on liquidity.

     Set forth below and elsewhere in this report and in other documents we file
with the Securities and Exchange  Commission  are risks and  uncertainties  that
could  cause  our  actual  results  to  differ   materially   from  the  results
contemplated  by the  forward-looking  statements  contained  in this report and
other periodic statements we make, including but not limited to, the following:

o    The market for aircraft is currently  depressed due to an  overabundance of
     aircraft on the market  resulting from the overall downturn in the aviation
     industry  following  the tragic  events of September  11,  2001.  While the
     market for these  aircraft  is  cyclical,  there can be no  assurance  that
     market  will  recover  by  October  2006.  Failure of the market to recover
     significantly  may result in our inability to realize our investment in the
     residuals of the aircraft in the Partnership's portfolio.

o    The Partnership's operations are subject to the jurisdiction of a number of
     federal agencies,  including the FAA. New regulatory rulings may negatively
     impact  the  Partnership's  financial  results  and  economic  value of its
     assets.

                                       23
<PAGE>

o    As a result of the cyclical behavior in the information technology industry
     and its focus on the consumer,  all  manufacturers are vulnerable to market
     down  turns.  Regardless  of  the  product  being  offered,  the  intrinsic
     boom-bust  nature  of  the  technology  sector   challenges   companies  to
     constantly  try to  improve  and/or  create  innovative  changes  in  their
     products,  aggressively  pushing the incumbent equipment into obsolescence.
     There is no  assurance  that we will be able to locate a  willing  buyer or
     lessee for our assets, or if one is located,  that the buyer or lessee will
     pay a price for the asset at least equal to the appraised value.

o    The equipment leasing industry is highly competitive.  When seeking leasing
     transactions  for  acquisition or sale, we compete with leasing  companies,
     manufacturers  that lease their products  directly,  equipment  brokers and
     dealers  and  financial   institutions,   including  commercial  banks  and
     insurance  companies.  Many competitors are larger than us and have greater
     financial resources than we do.

     Inflation and Interest Rates

     The potential  effects of inflation on us are difficult to predict.  If the
general economy  experiences  significant rates of inflation,  however, it could
affect us in a number of ways. We do not  currently  have or expect to have rent
escalation  clauses tied to inflation in our leases.  The  anticipated  residual
values  to be  realized  upon the  sale or  re-lease  of  equipment  upon  lease
terminations (and thus the overall cash flow from our leases) may be expected to
increase with inflation as the cost of similar new and used equipment increases.

     If  interest  rates  increase  significantly,  the lease  rates that we can
obtain on future  leases may be expected to increase as the cost of capital is a
significant  factor in the pricing of lease financing.  Leases already in place,
for the most part, would not be affected by changes in interest rates.

Item 3. Qualitative and Quantitative Disclosures About Market Risk

     We, like most other companies,  are exposed to certain market risks,  which
includes changes in interest rates and the demand for equipment (and the related
residuals)  owned  by us.  We  believe  to the  best of our  knowledge  that our
exposure to other market risks,  including  foreign currency exchange rate risk,
commodity risk and equity price risk, are  insignificant,  at this time, to both
our financial position and our results of operations.

     In general, we manage our exposure to interest rate risk by obtaining fixed
rate  debt.  The fixed  rate debt is  structured  so as to match the cash  flows
required  to service  the debt to the  payment  streams  under  fixed rate lease
receivables.  The  payments  under the leases  are  assigned  to the  lenders in
satisfaction  of the debt. We may finance  leases with a floating  interest rate
and we are therefore exposed to interest rate risk until fixed rate financing is
arranged.

     We borrow  funds  under a floating  rate line of credit  and are  therefore
exposed to interest  rate risk until the floating rate line of credit is repaid.
We had  $5,120,000  outstanding  under the floating rate line of credit at March
31, 2005.

                                       24
<PAGE>

Item 4.  Controls and Procedures

     Evaluation of disclosure controls and procedures

     We  carried  out  an  evaluation,   under  the  supervision  and  with  the
participation  of  management  of  ICON  Capital  Corp.,  our  General  Partner,
including the Chief Executive Officer and the Principal Financial and Accounting
Officer,  of the  effectiveness  of the design and  operation of our  disclosure
controls  and  procedures  as of the end of the period  covered  by this  report
pursuant to the  Securities  Exchange  Act of 1934.  Based upon the  evaluation,
except as noted below, the Chief Executive  Officer and the Principal  Financial
and Accounting  Officer  concluded  that our disclosure  controls and procedures
were effective.

     While evaluating our disclosure  controls and procedures we recognized that
greater internal  controls were needed to aid in a more efficient closing of our
financial  statements,  thereby requiring  additional  skilled accounting staff.
Towards the end of the third  quarter of 2004,  the  Company  hired a new senior
vice  president  of  accounting  and the  Company  is in the  process of seeking
additional accounting staff in order to better effectuate the Company's internal
controls. We will continue to evaluate our disclosure controls and procedures to
determine their effectiveness and adequacy and will take the steps necessary, in
our opinion,  to ensure the adequacy of the  Company's  disclosure  controls and
procedures.

     In designing and  evaluating  our disclosure  controls and  procedures,  we
recognized that disclosure controls and procedures, no matter how well conceived
and operated,  can provide only  reasonable,  not absolute,  assurance  that the
objectives of the  disclosure  controls and  procedures  are met. Our disclosure
controls  and  procedures  have  been  designed  to  meet  reasonable  assurance
standards. Disclosure controls and procedures cannot detect or prevent all error
and fraud.  Some  inherent  limitations  in disclosure  controls and  procedures
include  costs of  implementation,  faulty  decision-making,  simple  error  and
mistake.  Additionally,  controls can be  circumvented by the individual acts of
some persons,  by collusion of two or more people, or by management  override of
the  controls.  The design of any system of  controls  is based,  in part,  upon
certain  assumptions about the likelihood of future events,  and there can be no
assurance  that any design will succeed in achieving  its stated goals under all
anticipated and unanticipated future conditions.  Over time, controls may become
inadequate  because of changes in conditions,  or the degree of compliance  with
established policies or procedures.

     Our General Partner's Chief Executive  Officer and Principal  Financial and
Accounting  Officer have determined that no weakness in disclosure  controls and
procedures  had any  material  effect on the accuracy  and  completeness  of the
Company's financial reporting and disclosure included in this report.

                                       25
<PAGE>
                           PART II - OTHER INFORMATION

Item 1 - Legal Proceedings

     From time-to-time,  in the ordinary course of business,  we are involved in
legal  actions  when  necessary  to protect or enforce our rights.  We are not a
defendant  party to any pending  litigation  and are not aware of any pending or
threatened litigation against us, except as stated below.

     On January 22, 2002,  K-Mart and its  affiliate  debtors  filed a voluntary
petition  in the United  States  Bankruptcy  Court for the  Eastern  District of
Illinois  seeking relief under Chapter 11 of the United States  Bankruptcy Code.
The Partnership is the lessor of 179 Noritsu  Optical/Digital  photo  processing
mini-labs located at Kmart retail locations throughout the country.

     The General Partner has been negotiating with K-Mart in an attempt to enter
into a stipulation agreement with K-Mart in the near future wherein K-Mart would
affirm four of the five equipment lease schedules covering the Noritsu mini-labs
they have leased from us. As part of the  settlement,  Kmart would also agree to
reimburse us for overdue property tax payments made by the Partnership. Although
K-Mart emerged from Chapter 11 during 2004,  the  Bankruptcy  Court has retained
jurisdiction over this matter.

     At March 31, 2005,  K-Mart was current on their rental payments for four of
the five equipment  lease  schedules.  On June 21, 2005,  the  Bankruptcy  Court
rejected one of our equipment leases and title for this equipment was granted to
us. Additionally,  we were awarded  approximately  $220,000 for overdue property
tax payments previously paid by us.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

         Not applicable.

Item 3.  Defaults Upon Senior Securities

         Not applicable.

Item 4.  Submission of Matters To A Vote Of Security Holders

         No matters were submitted to a vote of security holders during the
first quarter 2005.

Item 5.  Other Information

         Not applicable.

Item 6.  Exhibits

31.1 Certification of Chairman and Chief Executive Officer.

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

32.1 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.

32.2 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.

                                       26
<PAGE>

                                   SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Partnership  has duly  caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

ICON Cash Income Fund Eight B L.P.  (Registrant)  By its General  Partner,  ICON
Capital Corp.

Date: July 1, 2005          /s/ Beaufort J.B. Clarke
                            --------------------------------------
                            Beaufort J.B. Clarke
                            Chairman, Chief Executive Officer and Director

Date: July 1, 2005          /s/ Thomas W. Martin
                            --------------------------------------
                            Thomas W. Martin
                            Executive Vice President
                           (Principal Financial and Accounting Officer)


                                       27
<PAGE>


Exhibit 31.1

Principal  Executive  Officer  Certification  Pursuant  to  Section  302  of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. ss.1350)

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

1.   I have  reviewed  this  quarterly  report on Form 10-Q of ICON  Income Fund
     Eight B L.P.;

2.   Based on my knowledge,  this report does not contain any untrue  statements
     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  officers  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))  for the registrant and we
     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 quarterly report is being prepared;

     b)   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

     c)   presented in this report our conclusions  about the  effectiveness  of
          the disclosure  controls and procedures  based on our evaluation as of
          the Evaluation Date;

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

     a)   all significant  deficiencies and material weaknesses in the design or
          operation  of  internal   control  which  are  reasonably   likely  to
          materially  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
          controls over financial reporting.

Dated:  July 1, 2005

/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.

                                       28
<PAGE>
Exhibit 31.2

Principal  Executive  Officer  Certification  Pursuant  to  Section  302  of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. ss.1350)

I, Thomas W. Martin, certify that:

1.   I have  reviewed  this  quarterly  report on Form 10-Q of ICON  Income Fund
     Eight B L.P.;

2.   Based on my knowledge,  this report does not contain any untrue  statements
     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  quarterly  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  officers  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))  for the registrant and we
     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)   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

     c)   presented in this report our conclusions  about the  effectiveness  of
          the disclosure  controls and procedures  based on our evaluation as of
          the Evaluation Date;

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

     a)   all significant  deficiencies and material weaknesses in the design or
          operation  of  internal   control  which  are  reasonably   likely  to
          materially  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
          controls over financial reporting.

Dated: July 1, 2005

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

                                       29
<PAGE>
Exhibit 32.1

Principal  Executive  Officer  Certification  Pursuant  to  Section  906  of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. ss.1350)

I, Beaufort J.B.  Clarke,  Chairman and Chief Executive  Officer of ICON Capital
Corp,  the General  Partner,  in connection  with the  Quarterly  Report of ICON
Income  Fund Eight B L.P.  (the  "Partnership")  on Form 10-Q for the  quarterly
period  ended  March  31,  2005,  as filed  with  the  Securities  and  Exchange
Commission  on the date  hereof (the  "Periodic  Report")  certify,  pursuant to
Section 906 of the  Sarbanes-Oxley Act of 2002, that to the best of my knowledge
and belief:

(1)  the Periodic  Report fully complies with the  requirements of Section 13(a)
     or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

(2)  the information  contained in the Periodic Report fairly  presents,  in all
     material respects, the financial condition and results of operations of the
     Partnership.

Dated: July 1, 2005

 /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.

A signed  original of this  written  statement  required by Section 906 has been
provided to the Company and will be retained by the Company and furnished to the
Securities and Exchange  Commission or its staff upon request.

The information  contained in this Exhibit 32.1 is being furnished and shall not
be deemed "filed" for the purposes of Section 18 of the Securities  Exchange Act
of 1934, as amended,  or otherwise  subject to the  liabilities of that section.
The  information  contained in this Exhibit  32.1 shall not be  incorporated  by
reference  into any  registration  statement or other  document  pursuant to the
Securities  Exchange Act of 1934, as amended,  or the Securities Act of 1933, as
amended,  except as shall be expressly  set forth by specific  reference to this
Exhibit 32.1 in such filing.

                                       30
<PAGE>

Exhibit 32.2

Principal  Executive  Officer  Certification  Pursuant  to  Section  906  of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. ss.1350)

I,  Thomas  W.  Martin,   Executive  Vice  President  (Principal  Financial  and
Accounting  Officer) of ICON Capital Corp,  the General  Partner,  in connection
with the Quarterly  Report of ICON Income Fund Eight B L.P. (the  "Partnership")
on Form 10-Q for the  quarterly  period ended March 31, 2005,  as filed with the
Securities and Exchange  Commission on the date hereof (the  "Periodic  Report")
certify,  pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the
best of my knowledge and belief:

(1)  the Periodic  Report fully complies with the  requirements of Section 13(a)
     or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

(2)  the information  contained in the Periodic Report fairly  presents,  in all
     material respects, the financial condition and results of operations of the
     Partnership.

Dated: July 1, 2005

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

A signed  original of this  written  statement  required by Section 906 has been
provided to the Company and will be retained by the Company and furnished to the
Securities and Exchange  Commission or its staff upon request.

The information  contained in this Exhibit 32.2 is being furnished and shall not
be deemed "filed" for the purposes of Section 18 of the Securities  Exchange Act
of 1934, as amended,  or otherwise  subject to the  liabilities of that section.
The  information  contained in this Exhibit  32.2 shall not be  incorporated  by
reference  into any  registration  statement or other  document  pursuant to the
Securities  Exchange Act of 1934, as amended,  or the Securities Act of 1933, as
amended,  except as shall be expressly  set forth by specific  reference to this
Exhibit 32.2 in such filing.

                                       31