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


                                    FORM 10-Q



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

For the period ended                        March 31, 2001
                     -----------------------------------------------------------

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

For the transition period from                         to
                               -----------------------    ----------------------

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

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


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


              111 Church Street, White Plains, New York 10601-1505
--------------------------------------------------------------------------------
               (Address of principal executive offices) (Zip code)


                                 (914) 993-1700
--------------------------------------------------------------------------------
               Registrant's telephone number, including area code



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



                                                            [ x] Yes     [  ] No



<PAGE>






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

                           Consolidated Balance Sheet

                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                  March 31,      December 31,
                                                                    2001            2000
                                                                    ----            ----
         Assets

<S>                                                           <C>              <C>
Cash ......................................................   $   6,800,643    $   1,315,706
                                                              -------------    -------------

Investment in finance leases
   Minimum rents receivable ...............................      21,101,205       11,631,296
   Estimated unguaranteed residual values .................       1,836,717        1,233,991
   Initial direct costs ...................................         527,858          289,670
   Unearned income ........................................      (4,762,864)      (2,998,971)
                                                              -------------    -------------
                                                                 18,702,916       10,155,986

Investment in operating leases
   Equipment, at cost .....................................      89,564,003       76,284,645
   Accumulated depreciation ...............................      (2,854,195)        (111,940)
                                                              -------------    -------------
                                                                 86,709,808       76,172,705

   Other assets ...........................................         682,925          463,781
                                                              -------------    -------------

Total assets ..............................................   $ 112,896,292    $  88,108,178
                                                              =============    =============

         Liabilities and Partners' Equity

Notes payable - non-recourse ..............................   $  76,770,940    $  60,497,834
Note payable - line of credit .............................       5,667,334        7,000,000
Security deposits and other liabilities ...................         588,169          352,383
Minority interests in joint ventures ......................       1,533,838        1,493,780
                                                              -------------    -------------
                                                                 84,560,281       69,343,997
                                                              -------------    -------------

Partners' equity
   General Partner ........................................          (6,850)          (1,316)
   Limited Partners (336,830.09 and 219,813.65
     units outstanding, $100 per unit original issue price)      28,342,861       18,765,497
                                                              -------------    -------------

        Total partners' equity ............................      28,336,011       18,764,181
                                                              -------------    -------------

Total liabilities and partners' equity ....................   $ 112,896,292    $  88,108,178
                                                              =============    =============

</TABLE>




See accompanying notes to financial statements.


<PAGE>




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

                      Consolidated Statement of Operations

                                   (Unaudited)
<TABLE>
<CAPTION>


                                      For the Three Months
                                      Ended March 31, 2001

Revenues

<S>                                       <C>
   Finance income .....................   $  337,203
   Rental income ......................    4,182,218
   Interest income and other ..........       37,908
                                          ----------

   Total revenues .....................    4,557,329
                                          ----------

Expenses

   Interest ...........................    1,319,842
   Depreciation .......................    2,742,255
   General and administrative .........      143,385
   Amortization of initial direct costs       23,934
   Management fees - General Partner ..      196,318
   Administrative expense
     reimbursements - General Partner .       78,527
   Minority interest expense ..........       40,058
                                          ----------

   Total expenses .....................    4,544,319
                                          ----------

Net income ............................   $   13,010
                                          ==========

Net income allocable to:
   Limited partners ...................       12,880
   General Partner ....................          130
                                          ----------

                                          $   13,010

Weighted average number of limited
   partnership units outstanding ......      239,728
                                          ==========

Net income per weighted average
    limited partnership unit ..........   $      .05
                                          ==========

</TABLE>




See accompanying notes to consolidated financial statements.


<PAGE>



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

                    Statement of Changes in Partners' Equity

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

                                   (Unaudited)
<TABLE>
<CAPTION>

                                   Limited Partner Distributions

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

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

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

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

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

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

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

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

Proceeds from issuance
   of limited partnership
   units (117,016.44 units)                                         11,701,644       -        11,701,644

Sales and offering expenses                                         (1,492,891)      -        (1,492,891)

Cash distributions
   to partners                        $  2.64       $   .05           (644,269)    (5,664)      (649,933)

Net income                                                              12,880        130         13,010
                                                                   -----------    -------    -----------

Balance at
   March 31, 2001                                                  $28,342,861    $(6,850)   $28,336,011
                                                                   ===========    =======    ===========
</TABLE>


See accompanying notes to financial statements.


<PAGE>


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

                             Statement of Cash Flows

                    For the Three Months Ended March 31, 2001

                                   (Unaudited)
<TABLE>
<CAPTION>


Cash flows from operating activities:
<S>                                                         <C>
   Net income ...........................................   $     13,010
                                                            ------------
   Adjustments to reconcile net income to
     net cash provided by operating activities:
     Depreciation .......................................      2,742,255
     Amortization of initial direct costs ...............         23,934
     Minority interest expense ..........................         40,058
     Changes in operating assets and liabilities:
       Collection of principal - non-financed receivables        428,587
       Other assets .....................................       (219,144)
       Security deposits and other liabilities ..........        235,786
                                                            ------------

         Total adjustments ..............................      3,251,476
                                                            ------------

       Net cash provided by operating activities ........      3,264,486
                                                            ------------

Cash flows used in investing activities:
   Equipment purchased ..................................     (2,385,325)
   Initial direct costs .................................       (648,897)
                                                            ------------

       Net cash used in investing activities ............     (3,034,222)
                                                            ------------

Cash flows from financing activities:
   Issuance of limited partnership units,
     net of offering expenses ...........................     10,208,753
   Payment of note payable - line of credit .............     (1,332,666)
   Payment of non-recourse borrowings ...................     (2,971,481)
   Cash distributions to partners .......................       (649,933)
                                                            ------------

       Net cash provided by financing activities ........      5,254,673
                                                            ------------

Net increase in cash ....................................      5,484,937

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

Cash at end of year .....................................   $  6,800,643
                                                            ============

</TABLE>


See accompanying notes to financial statements.


<PAGE>


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

                Consolidated Statement of Cash Flows (continued)

Supplemental Disclosure of Cash Flow Information

     For the three months ended March 31, 2001, non-cash activities included the
following:


Fair value of equipment and receivables
   purchased for debt ..............................   $ 19,244,587
Non-recourse notes payable assumed in purchase price    (19,244,587)
                                                       ------------

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



<PAGE>


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

                          Notes to Financial Statements

                                 March 31, 2001
                                   (Unaudited)

1.    Organization

     ICON Income Fund Eight B L.P. (the "Partnership") was formed on February 7,
2000 (date of  inception)  as a  Delaware  limited  partnership  with an initial
capitalization  of $2,000.  It was formed to acquire  various types of equipment
subject  to  lease to third  parties.  The  Partnership's  maximum  offering  is
$75,000,000.  The  Partnership  commenced  business  operations  on its  initial
closing date, June 14, 2000, with the admission of 15,815.51 limited partnership
units at $100 per unit representing  $1,581,551 of capital contributions.  As of
December  31,  2000,  203,998.14  additional  units had been  admitted in to the
partnership  with aggregate  gross  proceeds of  $20,399,814  bringing the total
admission to 219,813.65 units totaling $21,981,365 in capital contributions.  In
the quarter ended March 31, 2001,  117,016.44 additional units had been admitted
into the Partnership  with aggregate gross proceeds of $11,701,644  bringing the
total   admission  to  336,830.09   units   totaling   $33,683,009   in  capital
contributions.

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

2.    Basis of Presentation

     The   financial   statements   of  ICON  Income  Fund  Eight  B  L.P.  (the
"Partnership")  have been prepared  pursuant to the rules and regulations of the
Securities  and  Exchange   Commission  (the  "SEC")  and,  in  the  opinion  of
management,  include  all  adjustments  (consisting  only  of  normal  recurring
accruals)  necessary  for a fair  statement  of income  for each  period  shown.
Certain  information  and footnote  disclosures  normally  included in financial
statements prepared in accordance with accounting  principles generally accepted
in the United States of America have been condensed or omitted  pursuant to such
SEC rules and  regulations.  Management  believes that the disclosures  made are
adequate to make the information  presented not misleading.  The results for the
interim period are not necessarily  indicative of the results for the full year.
These  financial  statements  should be read in  conjunction  with the financial
statements  and notes included in the  Partnership's  2000 Annual Report on Form
10-K.

3.    Related Party Transactions

     Fees and expenses paid or accrued by the Partnership to the General Partner
or its affiliates for the period ended March 31, 2001 were as follows:

Organization and offering expenses           $  322,727    Charged to equity
Underwriting commissions                        234,033    Charged to equity
Acquisition fees                                648,897    Capitalized
Management fees                                 196,318    Charged to operations
Administrative expense reimbursements            78,527    Charged to operations
                                             ----------

                                             $1,480,502
                                             ==========


<PAGE>


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

                    Notes to Financial Statements - Continued

4.    Joint Ventures

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

     In 2000 the Partnership and three affiliates,  ICON Cash Flow Partners L.P.
Six ("L.P.  Six"),  ICON Cash Flow Partners L.P.  Seven ("L.P.  Seven") and ICON
Income Fund Eight A L.P.  ("Fund Eight A") formed ICON  Cheyenne for the purpose
of acquiring a portfolio of leases with a purchase price of  $29,705,716,  which
was funded with cash and non-recourse  debt assumed.  The leases expire from May
2001 to September 2006. The Partnership,  L.P. Seven,  L.P. Six and Fund Eight A
have ownership interests of 87.69%, 10.31%, 1.0% and 1.0%, respectively, in ICON
Cheyenne.  The Partnership's  consolidated  financial statements include 100% of
the assets and liabilities of ICON Cheyenne. L.P. Seven, L.P. Six and Fund Eight
A's interest in ICON Cheyenne have been reflected as minority  interest in joint
ventures.

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


<PAGE>


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

                                 March 31, 2001

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

Results of Operations for the Three Months Ended March 31, 2001

     For the three months  ended March 31, 2001 the  Partnership  purchased  and
leased equipment with an initial cost of $21,629,912 to two lessees.

     The  Partnership  did not begin  operations  until June 2000.  Therefore  a
discussion  of changes  from the three month  period ended March 31, 2000 is not
applicable.

     Revenues  for the  three  months  ended  March 31,  2001  were  $4,557,329,
representing  rental  income  of  $4,182,218,  finance  income of  $337,203  and
interest income and other of $37,908.  Expenses for the three months ended March
31, 2001 were  $4,544,319,  representing  depreciation  of $2,742,255,  interest
expense of $1,319,842,  management fees - General  Partner of $196,318,  general
and administrative of $143,385,  administrative expense reimbursements - General
Partner of $78,527,  minority  interest  expense of $40,058 and  amortization of
initial direct costs of $23,934.

     The net income for the three months  ended March 31, 2001 was $13,010.  The
net income per weighted average limited partnership units was $.05.

Liquidity and Capital Resources

      The Partnership's primary source of funds for the three months ended March
31, 2001 were capital contributions, net of offering expenses of $10,208,753 and
net cash provided by operations of $3,264,486. Funds generated were utilized for
the cash portion of lease investments purchased and related costs of $3,034,222,
debt repayments of $4,304,147 and cash distributions to partners of $649,933.

     The  Partnership  intends to continue to purchase  equipment  and fund cash
distributions  utilizing funds from capital contributions,  cash from operations
and additional borrowings.

Item 3.  Qualitative and Quantitative Disclosures About Market Risk

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

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

     The  Partnership  borrows funds under a floating rate line of credit and is
therefore  exposed to interest  rate risk until the floating rate line of credit
is repaid.  The Partnership's  borrowings under the floating rate line of credit
as of  March  31,  2001  was  $5,667,334.  The  Partnership  believes  the  risk
associated with rising interest rates under this line is not significant.





<PAGE>


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


PART II - OTHER INFORMATION


Item 6 - Exhibits and Reports on Form 8-K

No reports on Form 8-K were filed by the Partnership during the quarter ended
March 31, 2001.


<PAGE>


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



                                   SIGNATURES


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

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




     May 11, 2001                   /s/ Thomas W. Martin
-----------------------             --------------------------------------------
        Date                        Thomas W. Martin
                                    Executive Vice President
                                    (Principal financial and accounting officer
                                    of the General Partner of the Registrant)