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, 2002
                     -----------------------------------------------------------

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

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

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

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


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


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


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



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



                                                        x] Yes     [  ] No



<PAGE>


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

                           Consolidated Balance Sheets

                                   (Unaudited)

                                                  March 31,        December 31,
                                                    2002               2001
                                                    ----               ----
         Assets

Cash and cash equivalents                        $   5,289,298    $   5,684,652
                                                 -------------    -------------

Investments in finance leases
   Minimum rents receivable                         30,774,395       32,769,190
   Estimated unguaranteed residual values            2,711,893        2,711,893
   Initial direct costs                                669,566          746,106
   Unearned income                                  (5,818,791)      (6,568,703)
                                                 -------------    -------------
                                                    28,337,063       29,658,486
                                                 -------------    -------------

Investments in operating leases
   Equipment, at cost                              171,703,288       95,156,568
   Accumulated depreciation and amortization       (14,189,280)     (11,456,484)
                                                 -------------    -------------
                                                   157,514,008       83,700,084
                                                 -------------    -------------

Investments in joint ventures                        7,255,811             --
Due from affiliates                                  3,383,859        3,730,884
Investment in unguaranteed residual                  2,406,128        2,406,128
Investment in option                                 2,100,000        2,100,000
Other assets                                         1,301,648        2,915,266
Cash held in escrow                                       --         13,723,196
                                                 -------------    -------------

Total assets                                     $ 207,587,815    $ 143,918,696
                                                 =============    =============

         Liabilities and Partners' Equity

Notes payable, non-recourse                      $ 142,316,112    $  76,852,204
Note payable recourse                                  400,000        2,900,000
Deferred rental income                               2,083,098             --
Security deposits and other                          1,301,629        1,269,603
Minority interests in joint ventures                 1,785,696        1,684,289
                                                 -------------    -------------
                                                   147,886,535       82,706,096
                                                 -------------    -------------

Partners' equity (deficit)
   General Partner                                     (58,073)         (42,960)
   Limited Partners
(750,000 units outstanding at each date,
$100 per unit original issue price)                 59,759,353       61,255,560
                                                 -------------    -------------
   Total partners' equity                           59,701,280       61,212,600
                                                 -------------    -------------

Total liabilities and partners' equity           $ 207,587,815    $ 143,918,696
                                                 =============    =============


See accompanying notes to financial statements.


<PAGE>


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

                      Consolidated Statements of Operations

                      For the Three Months Ended March 31,

                                   (Unaudited)

                                                         2002           2001
                                                         ----           ----

Revenues

   Rental income                                     $5,011,804      $4,182,218
   Finance income                                       749,912         337,203
   Gain on sale of equipment                             95,526            --
   Income from investments in
     joint ventures                                     215,410            --
   Interest income and other                             10,319          37,908
                                                     ----------      ----------

   Total revenues                                     6,082,971       4,557,329
                                                     ----------      ----------

Expenses

   Depreciation                                       3,151,511       2,742,255
   Interest                                           1,369,824       1,319,842
   Management fees - General Partner                    477,430         196,318
   Administrative expense
     reimbursements - General Partner                   225,021          78,527
   General and administrative                           152,425         143,385
   Amortization of initial direct costs                  81,036          23,934
   Minority interest expense                            101,407          40,058
                                                     ----------      ----------

   Total expenses                                     5,558,654       4,544,319
                                                     ----------      ----------

Net income                                           $  524,317      $   13,010
                                                     ==========      ==========

Net income allocable to:
   Limited partners                                  $  519,074      $   12,880
   General Partner                                        5,243             130
                                                     ----------      ----------

                                                     $  524,317      $   13,010
                                                     ==========      ==========

Weighted average number of limited
   partnership units outstanding                        750,000         239,728
                                                     ==========      ==========

Net income per weighted average
   limited partnership unit                          $     0.69      $      .05
                                                     ==========      ==========


See accompanying notes to consolidated financial statements.


<PAGE>


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

             Consolidated Statements of Changes in Partners' Equity

                    For the Three Months Ended March 31, 2002
                      and the year ended December 31, 2001

                                   (Unaudited)

<TABLE>
                           Limited Partner Distributions

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

<S>                               <C>            <C>     <C>           <C>          <C>

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

Proceeds from issuance
   of limited partnership
   units (530,186.35 units)                             53,018,635           -        53,018,635

Sales and offering expenses                             (6,407,516)          -        (6,407,516)

Cash distributions
   to partners                   $  8.20   $  1.62      (4,932,964)    (49,845)       (4,982,809)

Net income                                                 811,908       8,201           820,109
                                                    --------------  -----------   --------------

Balance at
   December 31, 2001                                    61,255,560     (42,960)       61,212,600

Cash distributions to partners   $  2.00   $  0.69      (2,015,281)    (20,356)       (2,035,637)

Net income                                                 519,074       5,243           524,317
                                                    -------------- -----------    --------------

Balance of
March 31, 2002                                      $   59,759,353 $   (58,073)   $   59,701,280
                                                    ============== ===========    ==============

</TABLE>






See accompanying notes to financial statements.


<PAGE>


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

                      Consolidated Statements of Cash Flows

                      For the Three Months Ended March 31,

                                   (Unaudited)

<TABLE>

                                                             2002             2001
                                                             ----             ----

Cash flows from operating activities:
<S>                                                       <C>             <C>
   Net income                                             $    524,317    $     13,010
                                                          ------------    ------------
   Adjustments to reconcile net income to
     net cash provided by operating activities:
       Finance income                                         (749,912)           --
       Depreciation                                          3,151,511       2,742,255
       Amortization of initial direct costs                     81,036          23,934
       Minority interest expense                               101,407          40,058
       Income from investments in joint ventures              (215,411)           --
       Gain on sale of equipment                               (95,526)           --
       Rental income paid directly to lender by lessees     (4,552,157)     (4,182,218)
       Interest expense on non-recourse financing
         paid directly by lessees                            1,333,586            --
       Other, principally amortization of rental income       (828,551)           --
       Changes in operating assets and liabilities:
         Non-financed receivables                              594,196       4,610,805
         Other assets                                        1,613,618        (219,144)
         Due from affiliates                                   347,025            --
         Deferred rental income                              2,083,098            --
         Security deposits and other liabilities                32,026         235,786
                                                          ------------    ------------

           Total adjustments                                 2,895,946       3,251,476
                                                          ------------    ------------

       Net cash provided by operating activities             3,420,263       3,264,486
                                                          ------------    ------------

Cash flows used in investing activities:
   Investment in operating leases                           (4,250,000)     (2,385,325)
   Investments in joint ventures                            (7,040,401)           --
   Cash held in escrow                                      13,723,196            --

   Initial direct costs                                     (2,242,352)       (648,897)
   Proceeds from the sale of equipment                         529,577            --
                                                          ------------    ------------

       Net cash used in investing activities                   720,020      (3,034,222)
                                                          ------------    ------------
</TABLE>










See accompanying notes to financial statements.



<PAGE>


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

                Consolidated Statements of Cash Flows - Continued

                      For the Three Months Ended March 31,

                                   (Unaudited)


                                                       2002           2001
                                                       ----           ----
Cash flows from financing activities:
   Payment of note payable - line of credit        (2,500,000)     (1,332,666)
   Cash distributions to partners                  (2,035,637)       (649,933)
   Issuance of limited partnership units,
    net of offering expenses                             --        10,208,753
   Payment of non-recourse borrowings                    --        (2,971,481)
                                                 ------------    ------------

   Net cash (used in) provided by
    financing activities                           (4,535,637)      5,254,673
                                                 ------------    ------------

Net (decrease) increase in cash and
   cash equivalents                                  (395,354)      5,484,937

Cash and cash equivalents at beginning
   of the period                                    5,684,652       1,315,706
                                                 ------------    ------------

Cash and cash equivalents at end of the period      5,289,298    $  6,800,643
                                                 ============    ============










See accompanying notes to financial statements.


<PAGE>


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

                Consolidated Statements of Cash Flows (continued)

Supplemental Disclosure of Cash Flow Information

     For the three months ended March 31, 2002 and 2001, non-cash activities
included the following:

                                                    2002           2001
                                                    ----           ----
Principal and interest on direct finance
   receivables paid
   directly to lenders by lessees               $  1,848,817  $        -
Rental income assigned operating lease
   receivables                                     4,552,157       4,182,218
Principal and interest paid directly to
   lenders by lessees                             (6,400,974)     (4,182,218)
                                                ------------  --------------

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





<PAGE>


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

                   Notes to Consolidated Financial Statements

                                 March 31, 2002

                                   (Unaudited)

1.   Organization

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

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

2.   Basis of Presentation

     The   financial   statements   of  ICON  Income  Fund  Eight  B  L.P.  (the
"Partnership")  have been prepared  pursuant to the rules and regulations of the
Securities  and  Exchange   Commission  (the  "SEC")  and,  in  the  opinion  of
management,  include  all  adjustments  (consisting  only  of  normal  recurring
accruals)  necessary  for a fair  statement  of results for each  period  shown.
Certain  information  and footnote  disclosures  normally  included in financial
statements prepared in accordance with accounting  principles generally accepted
in the United States of America have been condensed or omitted  pursuant to such
SEC rules and  regulations.  Management  believes that the disclosures  made are
adequate to make the information  presented not misleading.  The results for the
interim periods are not necessarily indicative of the results for the full year.
These  financial  statements  should be read in  conjunction  with the financial
statements  and notes included in the  Partnership's  2001 Annual Report on Form
10-K.



<PAGE>


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

                   Notes to Consolidated Financial Statements

                                 March 31, 2002

3.   Related Party Transactions

     Fees and expenses paid or accrued by the Partnership to the General Partner
or its  affiliates  directly  or on  behalf  of  joint  ventures  in  which  the
Partnership has an interest for the period ended March 31, 2002 and 2001 were as
follows:

                                                        2002               2001
                                                        ----               ----
<TABLE>
<S>                                         <C>            <C>              <C>

Organization and offering expenses     $         -     $      322,727   Charged to equity
Underwriting commissions                         -            234,033   Charged to equity
Acquisition fees                           2,242,352          648,897   Capitalized as part of investment
                                                                          in operating leases
Acquisition fees                           1,117,901              -     Capitalized as part of
                                                                          investment in joint venture
Acquisition fees                             113,925              -     Capitalized as part of other assets
Management fees                              477,430          196,318   Charged to operations
Administrative expense reimbursements        225,021           78,527   Charged to operations
                                       -------------   --------------

                                       $   4,176,629   $    1,480,502
                                       =============   ==============
</TABLE>


     During the period ended March 31, 2002, the Partnership paid $2,242,352 and
$1,117,901 respectively,  as acquisition fees with respect to its investments in
ICON Aircraft  123, LLC (ICON 123) and ICON Aircraft 126, LLC (ICON 126).  These
amounts  represent  part of the  Partnership's  investment  in  acquiring a 100%
interest in ICON 123,  and 50%  interest in ICON 126.  The amounts are  included
under the captions  investments  in operating  leases and  investments  in joint
ventures, respectively.

4.   Joint Ventures

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

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

ICON Cheyenne LLC

     In December  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
LLC ("ICON  Cheyenne") for the purpose of acquiring a portfolio of leases for an
aggregate purchase price of $29,705,716, which was paid with cash of $11,401,151
and the assumption of non-recourse debt with an unaffiliated  third party lender
of  $18,304,565.  The debt is structured to be amortized from the application to
the debt of rentals due under the various  leases.  The leases expire on various
dates through  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  financed  statements include
100% of the assets and liabilities as well as 100% of the related



<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

     revenues and expenses of ICON Cheyenne.  The interests of L.P. Seven,  L.P.
Six and Fund Eight A in ICON Cheyenne have been reflected as minority  interests
in joint  ventures on the  consolidated  balance  sheets and  minority  interest
expense on the consolidated statements of operations.

ICON Aircraft 24846, LLC

     In 2000, the Partnership  and two  affiliates,  L.P. Seven and Fund Eight A
formed  ICON  Aircraft  24846 LLC ("ICON  Aircraft  24846")  for the  purpose of
acquiring an  investment  in an aircraft  leased to a  commercial  airline for a
purchase  price of  $44,515,416,  which was funded with cash of  $2,241,371  and
non-recourse  debt of the  $42,274,045.  The  rents and the  aircraft  have been
assigned to the non-recourse  lender.  The lease is scheduled to expire in March
2003,  at  which  time the  balance  of the  non-recourse  debt  outstanding  is
scheduled to be approximately $34,500,000. The Partnership,  L.P. Seven and Fund
Eight A have ownership interests of 96.0%, 2.0% and 2.0%, respectively,  in ICON
Aircraft 24846. The Partnership's consolidated financial statements include 100%
of the  assets and  liabilities  of ICON  Aircraft  24846 as well as 100% of the
related  revenues and expenses.  L.P.  Seven and Fund Eight A's interest in ICON
Aircraft  24846 have been  reflected as minority  interests in joint ventures on
the   consolidated   balance  sheets  and  minority   interest  expense  on  the
consolidated statements of operations.

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

     ICON Aircraft 126, LLC

     In early 2002, the  Partnership and ICON Income Fund Nine LLC ("Fund Nine")
formed ICON  Aircraft  126, LLC ("ICON 126") for the purpose of acquiring all of
the outstanding  shares of Delta Aircraft Leasing Limited  ("D.A.L."),  a Cayman
Islands  registered  company,  which  owns,  through an Owner  Trust,  an Airbus
A340-313X  aircraft which is on lease to Cathay Pacific  through March 2006. The
stock was acquired as of March 4, 2002 for a total  purchase price of $4,250,000
in cash. D.A.L. owns the Airbus A340-313X  aircraft subject to non-recourse debt
provided by unaffiliated  lenders.  The lenders have a security  interest in the
aircraft and an assignment of the rentals under the lease. As of March 31, 2002,
there was $70,276,734  outstanding under the non-recourse  debt. The Partnership
and Fund Nine each own a 50%  interest in ICON 126.  ICON 126  consolidates  the
financial position and operations of D.A.L. in its financial statements.



<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

     The Partnership's original investment in ICON 126 was recorded at a cost of
$3,242,901, inclusive of related acquisition fees of $1,117,901.  Information as
to the consolidated  financial position and results of operations of ICON 126 as
of and for the quarter ended March 31, 2002 is summarized below:

                                            March 31, 2002

   Assets                                  $    77,461,650
                                           ===============

   Liabilities                             $    70,968,858
                                           ===============

   Equity                                  $     6,492,792
                                           ===============

   Partnership's share of equity           $     3,246,396
                                           ===============

                                            Quarter Ended
                                            March 31, 2002

   Net income                              $         6,990
                                           ===============

   Partnership's share of net income       $         3,495
                                           ===============

     ICON SPK2023-A, LLC

     In the quarter ended March 31, 2002,  the  Partnership  and Fund Nine,  LLC
formed  ICON SPK  2023-A,  LLC  ("ICON  SPK") for the  purpose  of  acquiring  a
portfolio leases for an aggregate purchase price of $7,750,000. The purchase was
funded with cash.  The leases  expires on various  dates  commencing  April 2003
through April 2008.

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



<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

     Information as to the financial  position and results of operations of ICON
SPK as of and for the quarter ended March 31, 2002 is summarized below:

                                                          March 31, 2002

                  Assets                                  $     8,922,915
                                                          ===============

                  Liabilities                             $       740,436
                                                          ===============

                  Equity                                  $     8,182,479
                                                          ===============

                  Partnership's share of equity           $     4,009,415
                                                          ===============

                                                           Quarter Ended
                                                           March 31, 2002

                  Net income                              $       432,479
                                                          ===============

                  Partnership's share of net income       $       211,915
                                                          ===============

5.       Investment In Subsidiary

     In early 2002, the  Partnership  formed ICON Aircraft 123, LLC ("ICON 123")
as a wholly owned subsidiary for the purpose of acquiring all of the outstanding
shares of Alpha Aircraft Leasing Limited ("A.A.L."), a Cayman Islands registered
company,  which owns, through an Owner Trust, an Airbus A340-313X aircraft which
is on lease to Cathay  Pacific  through March 2006. The stock was acquired as of
March 4, 2002 for a total purchase  price of $4,250,000 in cash.  Alpha owns the
Airbus A340-313X  aircraft subject to non-recourse debt provided by unaffiliated
lenders.  The lenders have a security interest in the aircraft and an assignment
of the rentals under the lease. The fair value of the aircraft was approximately
$75  million  at the  date of  acquisition  and the  fair  value of the debt was
approximately  $70.5 million at such date. ICON 123  consolidates  the financial
position and operations of A.A.L. in its financial statements.

     The  assets  and  liabilities  of  ICON  123  are  consolidated   with  the
Partnership.

6.       Contingencies

     Limited  partners who purchased  units after June 7, 2001 and before August
18,  2001 have the right to require the  Partnership  to  repurchase  his or her
units  within  the  one-year  period   following  such  purchase  since  certain
information  contained  in the  prospectus  used  during  this period was not as
current as required by the rules of the Securities and Exchange Commission.  The
repurchase  price  would be  equal  to the  offering  price  per  unit  less any
distributions received with respect to such units.  142,049.4793 units were sold
during this period resulting in gross offering proceeds of $14,204,947.93  which
units comprise 18.94% of all units that the  Partnership  sold. If a substantial
number of these limited partners choose to have their units  repurchased and the
Partnership's  available cash were less than the amount needed to repurchase the
units,  the Partnership  would have to sell equipment or borrow in order to fund
these  repurchases.  If the Partnership  were not able to resell the repurchased
units, the Partnerships investments may be less diversified than they would have
been if the  maximum  offering  were  raised.  There  were  no  unit  repurchase
transactions through May 2002.


<PAGE>


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

                                 March 31, 2002

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, 2002 and 2001

     During the three  months  ended March 31, 2002,  the  Partnership  invested
$3,520,201  (inclusive of acquisition  fees) in joint venture ICON 126, invested
$6,492,353  (inclusive of acquisition  fees) in ICON 123 and $3,797,500 in joint
venture  ICON-SPK.  The investments are discussed in details under Notes 4 and 5
respectively.

     During the first quarter 2002,  the  Partnership  sold  equipment  from the
Cheyenne  portfolio for total  proceeds of $529,577  which resulted in a gain of
$95,526.

     Revenues for the three months  ended March 31, 2002 ("2002  Quarter")  were
$6,082,971  representing  an increase of $1,525,642  over the three months ended
March 31, 2001 ("2001 Quarter"). The increase in revenue resulted from continued
purchase of equipment subject to lease since March 31, 2001. Increases in rental
income of $829,586,  finance income of $412,709, income from investment in joint
venture of $215,411,  and gain on sale of equipment of $95,566,  were  partially
off-set by a decrease in interest income and other of $27,589.

     Expenses  for the  three  months  ended  March  31,  2002  were  $5,558,654
representing  an increase of  $1,014,335  over the 2001 period.  The increase in
expenses  resulted  from the  increase  in the size of the  Partnership's  lease
portfolio,  an increase in the Partnership's borrowing levels and overall growth
in size of the operations of the Partnership from one year ago and is consistent
with the Partnership's level of operations.

     Depreciation   expense  increased  by  $409,256,   due  to  the  additional
investments in operating  leases made  subsequent to March 31, 2001.  Management
fees-General   partner   increased  by  $281,112  and   administrative   expense
reimbursements-general  partner  increased by $146,494 in the three months ended
March 31, 2002 as compared to the prior year quarter. The increase in management
fees was  consistent  with  increases in rentals  (including  operating  leases,
finances  leases and through joint  ventures) on which such fees are based.  The
increase in administrative  expense  reimbursement - General Partner  consistent
was with the  increase in  operating  activities  of the  Partnership.  Minority
interest  expense  increased by $61,349,  amortization  of initial  direct costs
increased  by $57,102,  interest  expense  increased  by $49,982 and general and
administrative  expenses  increased by $9,040 in the 2002 Quarter as compared to
the 2001 Quarter.

     Net income for the three  months ended March 31, 2002 and 2001 was $524,317
and  $13,010,   respectively.  The  net  income  per  weighted  average  limited
Partnership  unit outstanding was $0.69 and $0.05 for the 2002 and 2001 periods,
respectively.

Liquidity and Capital Resources

     The Partnership's  primary source of funds for the three months ended March
31, 2002 was cash  provided by  operating  activities  of  $3,420,263.  The most
significant component of this amount was a semi annual in advance rental payment
of  $2,306,220  received in March 2002 which was  included  as  deferred  rental
income on the consolidated balance sheet as of March 31, 2002.



<PAGE>


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

                                 March 31, 2002

     Cash  held in  escrow of  $13,723,196  at  December  31,  2001  plus  funds
generated in 2002 were utilized for  investments  in leases and joint  ventures,
with related costs  aggregating  $13,646,678,  (including  initial  direct costs
(acquisition  fees) of $113,925  included in other assets)  repayment of amounts
outstanding under a line of credit of $2,500,000, and to make cash distributions
to partners of  $2,035,637.  As cash is realized from  operations and additional
borrowings,  the  Partnership  will  continue to invest in equipment  leases and
financings  where it deems it to be prudent while  retaining  sufficient cash to
meet its reserve requirements and recurring obligations.

     As of March 31, 2002 there were no known  trends or  demands,  commitments,
events  or  uncertainties,  which  are  likely  to have any  material  effect on
liquidity.

Item 3.  Qualitative and Quantitative Disclosures About Market Risk

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

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

     The  Partnership  borrows funds under a floating rate line of credit and is
therefore  exposed to interest  rate risk until the floating rate line of credit
is repaid.  The Partnership's  had no borrowings  outstanding under the floating
rate line of credit as of March 31, 2002.

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



<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, 2002.


<PAGE>


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

                                   SIGNATURES

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

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





       May 15 2002            /s/ Thomas W. Martin
-----------------------       -------------------------------------------------
           Date               Thomas W. Martin
                              Executive Vice President
                             (Principal financial and accounting officer of the
                              General Partner of the Registrant)