----

----

| For the quarterly period ended | June 30, 2009 |   |
|--------------------------------|--------------------|--------|

| 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 incorporation or organization) | (I.R.S. Employer Identification No.) |

| 100 Fifth Avenue, 4th Floor, New York, New York | 10011      |
|-------------------------------------------------|------------|
| (Address of principal executive offices)        | (Zip code) |

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

----

| ICON Income Fund Eight B L.P.Table of Contents                                                                      |
|---------------------------------------------------------------------------------------------------------------------|
|                                                                                                                |   | Page |
|                                                                                                                |   |   |
| PART I - FINANCIAL INFORMATION                                                                                      |   |
|                                                                                                                |   |   |
| Item 1.  Consolidated Financial Statements                                                                | 1 |
|                                                                                                                |   |   |
| Consolidated Balance Sheets                                                                                         | 1 |
|                                                                                                                |   |   |
| Consolidated Statements of Operations                                                                               | 2 |
|                                                                                                                |   |   |
| Consolidated Statements of Changes in Partners’ Equity                                                        | 3 |
|                                                                                                                |   |   |
| Consolidated Statements of Cash Flows                                                                               | 4 |
|                                                                                                                |   |   |
| Notes to Consolidated Financial Statements                                                                          | 6 |
|                                                                                                                |   |   |
| Item 2.  General Partner’s Discussion and Analysis of Financial Condition and Results of Operations | 14 |
|                                                                                                                |   |   |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                                  | 20 |
|                                                                                                                |   |   |
| Item 4. Controls and Procedures                                                                                     | 21 |
|                                                                                                                |   |   |
| PART II – OTHER INFORMATION                                                                                   |   |
|                                                                                                                |   |   |
| Item 1. Legal Proceedings                                                                                           |   | 22 |
|                                                                                                                |   |   |
| Item 1A. Risk Factors                                                                                          |   | 22 |
|                                                                                                                |   |   |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                                 | 22 |
|                                                                                                                |   |   |
| Item 3. Defaults Upon Senior Securities                                                                             | 22 |
|                                                                                                                |   |   |
| Item 4. Submission of Matters to a Vote of Security Holders                                                         | 22 |
|                                                                                                                |   |   |
| Item 5. Other Information                                                                                           |   | 22 |
|                                                                                                                |   |   |
| Item 6. Exhibits                                                                                                    |   | 23 |
|                                                                                                                |   |   |
| Signatures                                                                                                          |   | 24 |

----

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1.  Consolidated Financial Statements

| ICON Income Fund Eight B L.P.                                                                                    |   |
|------------------------------------------------------------------------------------------------------------------|--------|
| (A Delaware Limited Partnership)                                                                                 |   |
| Consolidated Balance Sheets                                                                                      |   |
|                                                                                                             |   |
|                                                                                                             |   |
| Assets                                                                                                           |   |
|                                                                                                             |   | June 30, |   |   |   |   |
|                                                                                                             |   | 2009 |   |   | December 31, |   |
|                                                                                                             |   | (unaudited) |   |   | 2008 |   |
|  Current assets:                                                                                            |   |   |   |   |   |   |
|  Cash and cash equivalents                                                                                  |   | $ | 115,885 |   |   | $ | 167,128 |   |
|  Current portion of net investment in finance lease                                                         |   |   | 2,144,796 |   |   |   | 2,009,175 |   |
|  Other current assets                                                                                       |   |   | 38,166 |   |   |   | 68,751 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
|  Total current assets                                                                                       |   |   | 2,298,847 |   |   |   | 2,245,054 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
|  Non-current assets:                                                                                        |   |   |   |   |   |   |   |   |
|  Net investment in finance lease, less current portion                                                      |   |   | 1,804,024 |   |   |   | 2,911,511 |   |
|  Leased equipment at cost (less accumulated depreciation of $31,830,505 and $29,921,414, respectively) |   |   | 43,586,215 |   |   |   | 45,495,306 |   |
|  Investments in joint ventures                                                                              |   |   | 1,226,715 |   |   |   | 1,267,392 |   |
|  Other non-current assets, net                                                                              |   |   | 1,270,978 |   |   |   | 1,286,384 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
|  Total non-current assets                                                                                   |   |   | 47,887,932 |   |   |   | 50,960,593 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
|  Total Assets                                                                                               |   | $ | 50,186,779 |   |   | $ | 53,205,647 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Liabilities and Partners' Equity                                                                                 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
|  Current liabilities:                                                                                       |   |   |   |   |   |   |   |   |
|  Current portion of non-recourse long-term debt                                                             |   | $ | 4,004,664 |   |   | $ | 4,029,270 |   |
|  Revolving line of credit, recourse                                                                         |   |   | 885,000 |   |   |   | 1,185,000 |   |
|  Deferred revenue                                                                                           |   |   | 531,818 |   |   |   | 450,000 |   |
|  Due to affiliates                                                                                          |   |   | 143,070 |   |   |   | 143,070 |   |
|  Accrued expenses and other current liabilities                                                             |   |   | 196,690 |   |   |   | 336,796 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
|  Total current liabilities                                                                                  |   |   | 5,761,242 |   |   |   | 6,144,136 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
|  Non-current liabilities:                                                                                   |   |   |   |   |   |   |   |   |
|  Non-recourse long-term debt, less current portion                                                          |   |   | 36,354,709 |   |   |   | 38,317,033 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
|  Total Liabilities                                                                                          |   |   | 42,115,951 |   |   |   | 44,461,169 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
|  Commitments and contingencies (Note 10)                                                                    |   |   |   |   |   |   |   |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
|  Partners' Equity:                                                                                          |   |   |   |   |   |   |   |   |
|  Limited Partners                                                                                           |   |   | 8,639,179 |   |   |   | 9,306,093 |   |
|  General Partner                                                                                            |   |   | (568,351 | ) |   |   | (561,615 | ) |
|                                                                                                             |   |   |   |   |   |   |   |   |
|  Total Partners' Equity                                                                                     |   |   | 8,070,828 |   |   |   | 8,744,478 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
|  Total Liabilities and Partners' Equity                                                                     |   | $ | 50,186,779 |   |   | $ | 53,205,647 |   |

----

Table of Contents

| ICON Income Fund Eight B L.P.                     |   |
|---------------------------------------------------|--------|
| (A Delaware Limited Partnership)                  |   |
| Consolidated Statements of Operations             |   |
| (unaudited)                                       |   |
|                                              |   |
|                                              |   |
|                                              |   | Three Months Ended June 30, |   |   | Six Months Ended June 30, |   |
|                                              |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
|  Revenue:                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|  Rental income                               |   | $ | 1,594,091 |   |   | $ | 1,594,091 |   |   | $ | 3,188,182 |   |   | $ | 3,188,182 |   |
|  Finance income                              |   |   | 141,936 |   |   |   | 205,342 |   |   |   | 300,563 |   |   |   | 425,198 |   |
|  Loss from investments in joint ventures     |   |   | (21,677 | ) |   |   | (2,009,165 | ) |   |   | (40,677 | ) |   |   | (2,050,851 | ) |
|  Interest and other income                   |   |   | - |   |   |   | 23 |   |   |   | - |   |   |   | 343 |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Total revenue (loss)                        |   |   | 1,714,350 |   |   |   | (209,709 | ) |   |   | 3,448,068 |   |   |   | 1,562,872 |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Expenses:                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Depreciation and amortization               |   |   | 962,177 |   |   |   | 964,068 |   |   |   | 1,925,251 |   |   |   | 1,931,952 |   |
|  Impairment loss                             |   |   | - |   |   |   | 3,888,367 |   |   |   | - |   |   |   | 3,888,367 |   |
|  Interest                                    |   |   | 653,502 |   |   |   | 719,349 |   |   |   | 1,302,054 |   |   |   | 1,439,352 |   |
|  General and administrative                  |   |   | 155,136 |   |   |   | 94,427 |   |   |   | 288,648 |   |   |   | 438,405 |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Total expenses                              |   |   | 1,770,815 |   |   |   | 5,666,211 |   |   |   | 3,515,953 |   |   |   | 7,698,076 |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net loss                                    |   | $ | (56,465 | ) |   | $ | (5,875,920 | ) |   | $ | (67,885 | ) |   | $ | (6,135,204 | ) |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net loss allocable to:                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Limited Partners                            |   | $ | (55,900 | ) |   | $ | (5,817,161 | ) |   | $ | (67,206 | ) |   | $ | (6,073,852 | ) |
|  General Partner                             |   |   | (565 | ) |   |   | (58,759 | ) |   |   | (679 | ) |   |   | (61,352 | ) |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   | $ | (56,465 | ) |   | $ | (5,875,920 | ) |   | $ | (67,885 | ) |   | $ | (6,135,204 | ) |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Weighted average number of units of limited |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  partnership interests outstanding           |   |   | 740,380 |   |   |   | 740,380 |   |   |   | 740,380 |   |   |   | 740,442 |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net loss per weighted average               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  unit of limited partnership interests       |   | $ | (0.08 | ) |   | $ | (7.86 | ) |   | $ | (0.09 | ) |   | $ | (8.20 | ) |

----

Table of Contents

| ICON Income Fund Eight B L.P.                          |   |
|--------------------------------------------------------|--------|
| (A Delaware Limited Partnership)                       |   |
| Consolidated Statements of Changes in Partners' Equity |   |
|                                                   |   |
|                                                   |   |
|                                                   |   |
|                                                   |   |
|                                                   |   | Units of Limited |   |   |   |   |   |   |   |   | Total |   |
|                                                   |   | Partnership |   |   | Limited |   |   | General |   |   | Partners' |   |
|                                                   |   | Interests |   |   | Partners |   |   | Partner |   |   | Equity |   |
|  Balance, December 31, 2008                       |   |   | 740,380 |   |   | $ | 9,306,093 |   |   | $ | (561,615 | ) |   | $ | 8,744,478 |   |
|                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Cash distributions to partners                   |   |   | - |   |   |   | (299,854 | ) |   |   | (3,029 | ) |   |   | (302,883 | ) |
|  Net loss                                         |   |   | - |   |   |   | (11,306 | ) |   |   | (114 | ) |   |   | (11,420 | ) |
|                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance, March 31, 2009 (unaudited)              |   |   | 740,380 |   |   |   | 8,994,933 |   |   |   | (564,758 | ) |   |   | 8,430,175 |   |
|                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Cash distributions to partners                   |   |   | - |   |   |   | (299,854 | ) |   |   | (3,028 | ) |   |   | (302,882 | ) |
|  Net loss                                         |   |   | - |   |   |   | (55,900 | ) |   |   | (565 | ) |   |   | (56,465 | ) |
|                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance, June 30, 2009 (unaudited)               |   |   | 740,380 |   |   | $ | 8,639,179 |   |   | $ | (568,351 | ) |   | $ | 8,070,828 |   |

----

Table of Contents

| ICON Income Fund Eight B L.P.                                                        |   |
|--------------------------------------------------------------------------------------|--------|
| (A Delaware Limited Partnership)                                                     |   |
| Consolidated Statements of Cash Flows                                                |   |
| (unaudited)                                                                          |   |
|                                                                                 |   |
|                                                                                 |   | Six Months EndedJune 30, |   |
|                                                                                 |   | 2009 |   |   | 2008 |   |
|  Cash flows from operating activities:                                          |   |   |   |   |   |   |
|  Net loss                                                                       |   | $ | (67,885 | ) |   | $ | (6,135,204 | ) |
|  Adjustments to reconcile net loss to net cash provided by                      |   |   |   |   |   |   |   |   |
|  operating activities:                                                          |   |   |   |   |   |   |   |   |
|  Rental income paid directly to lenders by lessees                              |   |   | (3,270,000 | ) |   |   | (3,270,000 | ) |
|  Finance income                                                                 |   |   | (300,563 | ) |   |   | (425,198 | ) |
|  Loss from investments in joint ventures                                        |   |   | 40,677 |   |   |   | 2,050,851 |   |
|  Depreciation and amortization                                                  |   |   | 1,925,251 |   |   |   | 1,931,952 |   |
|  Impairment loss                                                                |   |   | - |   |   |   | 3,888,367 |   |
|  Interest expense on non-recourse financing paid directly to lenders by lessees |   |   | 1,265,431 |   |   |   | 1,401,003 |   |
|  Interest expense from amortization of debt financing costs                     |   |   | 17,074 |   |   |   | 9,333 |   |
|  Changes in operating assets and liabilities:                                   |   |   |   |   |   |   |   |   |
|  Collection of finance leases                                                   |   |   | 1,256,269 |   |   |   | 1,256,268 |   |
|  Other assets                                                                   |   |   | 28,917 |   |   |   | (13,104 | ) |
|  Deferred revenue                                                               |   |   | 81,818 |   |   |   | 81,818 |   |
|  Accrued expenses and other current liabilities                                 |   |   | (122,467 | ) |   |   | 52,920 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|  Net cash provided by operating activities                                      |   |   | 854,522 |   |   |   | 829,006 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|  Cash flows from investing activities:                                          |   |   |   |   |   |   |   |   |
|  Investment in joint ventures                                                   |   |   | - |   |   |   | (15,000 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |
|  Net cash used in investing activities                                          |   |   | - |   |   |   | (15,000 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |
|  Cash flows from financing activities:                                          |   |   |   |   |   |   |   |   |
|  Repayment of revolving line of credit                                          |   |   | (300,000 | ) |   |   | - |   |
|  Cash distributions to partners                                                 |   |   | (605,765 | ) |   |   | (1,028,418 | ) |
|  Units of limited partnership interests redeemed                                |   |   | - |   |   |   | (3,473 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |
|  Net cash used in financing activities                                          |   |   | (905,765 | ) |   |   | (1,031,891 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |
|  Net decrease in cash and cash equivalents                                      |   |   | (51,243 | ) |   |   | (217,885 | ) |
|  Cash and cash equivalents, beginning of the period                             |   |   | 167,128 |   |   |   | 414,156 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|  Cash and cash equivalents, end of the period                                   |   | $ | 115,885 |   |   | $ | 196,271 |   |

----

Table of Contents

| ICON Income Fund Eight B L.P.                                                |   |
|------------------------------------------------------------------------------|--------|
| (A Delaware Limited Partnership)                                             |   |
| Consolidated Statements of Cash Flows                                        |   |
| (unaudited)                                                                  |   |
|                                                                         |   |
|                                                                         |   | Six Months EndedJune 30, |   |
|                                                                         |   | 2009 |   |   | 2008 |   |
|  Supplemental disclosure of cash flow information:                      |   |   |   |   |   |   |
|  Cash paid during the period for interest                               |   | $ | 19,549 |   |   | $ | 38,530 |   |
|                                                                         |   |   |   |   |   |   |   |   |
|  Supplemental disclosure of non-cash operating activities:              |   |   |   |   |   |   |   |   |
|  Principal and interest paid on non-recourse long-term debt directly to |   |   |   |   |   |   |   |   |
|  lenders by lessees                                                     |   | $ | 3,270,000 |   |   | $ | 3,270,000 |   |

----

Table of Contents

ICON Income Fund Eight B L.P.

| (1) | Organization |
|-----|--------------|

| (2) | Summary of Significant Accounting Policies |
|-----|--------------------------------------------|

----

Table of Contents

| (2) | Summary of Significant Accounting Policies - continued |
|-----|--------------------------------------------------------|

----

Table of Contents

| (2) | Summary of Significant Accounting Policies - continued |
|-----|--------------------------------------------------------|

----

Table of Contents

| (2) | Summary of Significant Accounting Policies - continued |
|-----|--------------------------------------------------------|

| (3) | Net Investment in Finance Lease |
|-----|---------------------------------|

|                                                                                          |   | June 30,    |      |   |         |   |
|-----------------------------------------------------------------------------------------------|--------|-------------|-----------|--------|--------------|--------|
|                                                                                          |   | 2009        |      |   | December 31, |   |
|                                                                                          |   | (unaudited) |      |   | 2008         |   |
|                                                                                          |   |        |      |   |         |   |
|  Minimum rents receivable                                                                |   | $           | 4,396,940 |   |         | $      | 5,653,209 |   |
|  Estimated residual value                                                                |   |        | 1         |   |         |   | 1 |   |
|  Initial direct costs, net                                                               |   |        | 25,464    |   |         |   | 41,624 |   |
|  Unearned income                                                                         |   |        | (473,585  | )      |         |   | (774,148 | ) |
|                                                                                          |   |        |      |   |         |   |   |   |
| Net investment in finance lease                                                               |   |        | 3,948,820 |   |         |   | 4,920,686 |   |
|                                                                                          |   |        |      |   |         |   |   |   |
| Less:  Current portion of net                                                       |   |        |      |   |         |   |   |   |
|            investment in finance lease |   |        | 2,144,796 |   |         |   | 2,009,175 |   |
|                                                                                          |   |        |      |   |         |   |   |   |
|  Net investment in finance lease,                                                        |   |        |      |   |         |   |   |   |
|            less current portion        |   | $           | 1,804,024 |   |         | $      | 2,911,511 |   |

----

Table of Contents

| (4) | Leased Equipment at Cost |
|-----|--------------------------|

|                                          |   | June 30,    |        |   |         |   |
|-----------------------------------------------|--------|-------------|-------------|--------|--------------|--------|
|                                          |   | 2009        |        |   | December 31, |   |
|                                          |   | (unaudited) |        |   | 2008         |   |
|  Aircraft and aircraft related equipment |   | $           | 75,416,720  |   |         | $      | 75,416,720 |   |
|  Less: Accumulated depreciation          |   |        | (31,830,505 | )      |         |   | (29,921,414 | ) |
|                                          |   | $           | 43,586,215  |   |         | $      | 45,495,306 |   |

| (5) | Investments in Joint Ventures |
|-----|-------------------------------|

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Table of Contents

| (5) | Investments in Joint Ventures - continued |
|-----|-------------------------------------------|

|                                  |   | Three Months Ended June 30, |      |   | Six Months Ended June 30, |   |
|---------------------------------------|--------|-----------------------------|-----------|--------|---------------------------|--------|
|                                  |   | (unaudited)                 |      |   | (unaudited)               |   |
|                                  |   | 2009                        |      |   | 2008                      |   |   | 2009 |   |   | 2008 |   |
|  Revenue                         |   | $                           | 1,592,143 |   |                      | $      | 1,592,309 |   |   | $ | 3,184,291 |   |   | $ | 3,185,541 |   |
|  Net loss                        |   | $                           | (43,353   | )      |                      | $      | (4,018,329 | ) |   | $ | (81,353 | ) |   | $ | (4,101,701 | ) |
|  Partnership's share of net loss |   | $                           | (21,677   | )      |                      | $      | (2,009,165 | ) |   | $ | (40,677 | ) |   | $ | (2,050,851 | ) |

| (6) | Non-Recourse Long-Term Debt |
|-----|-----------------------------|

| For the period July 1 to December 31, 2009 |   | $      | 2,042,340  |   |
|--------------------------------------------|--------|--------|------------|--------|
| For the year ending December 31, 2010      |   |   | 3,826,797  |   |
| For the year ending December 31, 2011      |   |   | 34,490,236 |   |
|                                       |   | $      | 40,359,373 |   |

| (7) | Revolving Line of Credit, Recourse |
|-----|------------------------------------|

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Table of Contents

| (7) | Revolving Line of Credit, Recourse - continued |
|-----|------------------------------------------------|

| (8)  | Fair Value of Financial Instruments |
|-----------|-------------------------------------|

|                                         |   | Carrying Amount |       |   | Fair Value |   |
|----------------------------------------------|--------|-----------------|------------|--------|------------|--------|
|  Fixed rate non-recourse long-term debt |   | $               | 40,359,373 |   |       | $      | 41,685,230 |   |

| (9)  | Transactions with Related Parties |
|-----------|-----------------------------------|

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Table of Contents

| (9)  | Transactions with Related Parties - continued |
|-----------|-----------------------------------------------|

| (10)  | Commitments and Contingencies |
|------------|-------------------------------|

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Table of Contents

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

----

Table of Contents

| ·   | We own telecommunications equipment subject to a lease with Global Crossing Telecommunications, Inc. (“Global Crossing”). The lease is scheduled to expire on March 31, 2011. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We own one Airbus A340-313X MSN 123 (“Aircraft 123”) and have a 50% interest through a joint venture with Fund Nine, an entity also managed by our General Partner, in Aircraft 126.  Both aircraft are on lease to Cathay, which are currently in lease extensions that are scheduled to expire on October 1, 2011 and July 1, 2011,respectively. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We have a 5.93% interest in the rights to the profits, losses and cash flows from an entity that owns a 50% interest in a mobile offshore drilling rig subject to a lease with Rowan Companies, Inc. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|                                          |   | Three Months Ended |      |   |   |   |
|-----------------------------------------------|--------|--------------------|-----------|--------|--------|--------|
|                                          |   | June 30,           |      |   |   |   |
|                                          |   | 2009               |      |   | 2008   |   |   | Change |   |
|  Rental income                           |   | $                  | 1,594,091 |   |   | $      | 1,594,091 |   |   | $ | - |   |
|  Finance income                          |   |               | 141,936   |   |   |   | 205,342 |   |   |   | (63,406 | ) |
|  Loss from investments in joint ventures |   |               | (21,677   | )      |   |   | (2,009,165 | ) |   |   | 1,987,488 |   |
|  Interest and other income               |   |               | -         |   |   |   | 23 |   |   |   | (23 | ) |
|                                          |   |               |      |   |   |   |   |   |   |   |   |   |
|  Total revenue                           |   | $                  | 1,714,350 |   |   | $      | (209,709 | ) |   | $ | 1,924,059 |   |

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|                                |   | Three Months Ended |      |   |   |   |
|-------------------------------------|--------|--------------------|-----------|--------|--------|--------|
|                                |   | June 30,           |      |   |   |   |
|                                |   | 2009               |      |   | 2008   |   |   | Change |   |
|  Depreciation and amortization |   | $                  | 962,177   |   |   | $      | 964,068 |   |   | $ | (1,891 | ) |
|  Impairment loss               |   |               | -         |   |   |   | 3,888,367 |   |   |   | (3,888,367 | ) |
|  Interest                      |   |               | 653,502   |   |   |   | 719,349 |   |   |   | (65,847 | ) |
|  General and administrative    |   |               | 155,136   |   |   |   | 94,427 |   |   |   | 60,709 |   |
|                                |   |               |      |   |   |   |   |   |   |   |   |   |
|  Total expenses                |   | $                  | 1,770,815 |   |   | $      | 5,666,211 |   |   | $ | (3,895,396 | ) |

|                                          |   | Six Months Ended |      |   |   |   |
|-----------------------------------------------|--------|------------------|-----------|--------|--------|--------|
|                                          |   | June 30,         |      |   |   |   |
|                                          |   | 2009             |      |   | 2008   |   |   | Change |   |
|  Rental income                           |   | $                | 3,188,182 |   |   | $      | 3,188,182 |   |   | $ | - |   |
|  Finance income                          |   |             | 300,563   |   |   |   | 425,198 |   |   |   | (124,635 | ) |
|  Loss from investments in joint ventures |   |             | (40,677   | )      |   |   | (2,050,851 | ) |   |   | 2,010,174 |   |
|  Interest and other income               |   |             | -         |   |   |   | 343 |   |   |   | (343 | ) |
|                                          |   |             |      |   |   |   |   |   |   |   |   |   |
|  Total revenue                           |   | $                | 3,448,068 |   |   | $      | 1,562,872 |   |   | $ | 1,885,196 |   |

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|                                |   | Six Months Ended |      |   |   |   |
|-------------------------------------|--------|------------------|-----------|--------|--------|--------|
|                                |   | June 30,         |      |   |   |   |
|                                |   | 2009             |      |   | 2008   |   |   | Change |   |
|  Depreciation and amortization |   | $                | 1,925,251 |   |   | $      | 1,931,952 |   |   | $ | (6,701 | ) |
|  Impairment loss               |   |             | -         |   |   |   | 3,888,367 |   |   |   | (3,888,367 | ) |
|  Interest                      |   |             | 1,302,054 |   |   |   | 1,439,352 |   |   |   | (137,298 | ) |
|  General and administrative    |   |             | 288,648   |   |   |   | 438,405 |   |   |   | (149,757 | ) |
|                                |   |             |      |   |   |   |   |   |   |   |   |   |
|  Total expenses                |   | $                | 3,515,953 |   |   | $      | 7,698,076 |   |   | $ | (4,182,123 | ) |

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Item 3.  Quantitative and Qualitative Disclosures About Market Risk

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Item 4.  Controls and Procedures

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Table of Contents

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

Item 1A. Risk Factors

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

Item 3. Defaults Upon Senior Securities

Item 4. Submission of Matters to a Vote of Security Holders

Item 5. Other Information

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Table of Contents

Item 6. Exhibits

| 3.1        | Amended and Restated Agreement of Limited Partnership of Registrant (Incorporated by reference to Exhibit 4.1 to Registrant’s Post-Effective Amendment No. 6 to Form S-1 Registration Statement No. 333-54011 dated May 19, 2000).                                                                                                                                                                               |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       |                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 4.1        | Certificate of Limited Partnership of Registrant (Incorporated by reference to Exhibit 4.3 to Registrant’s Post-Effective Amendment No. 6 Form S-1 Registration Statement No. 333-54011 dated May 19, 2000).                                                                                                                                                                                                     |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.1       | Commercial Loan Agreement, by and between California Bank & Trust, ICON Income Fund Eight B L.P.,  ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC and ICON Leasing Fund Eleven, LLC, dated August 31, 2005 (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K dated August 31,2005).                                                                     |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.2       | Loan Modification Agreement, by and between California Bank & Trust and ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC and ICON Leasing Fund Eleven, LLC, dated December 26, 2006 (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K dated December 29, 2006).                                                                      |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.3  | Loan Modification Agreement, by and between California Bank & Trust and ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC and ICON Leasing Fund Eleven, LLC and ICON Leasing Fund Twelve, LLC, dated as of May 1, 2008 (Incorporated by reference to Exhibit 10.4 to Registrant’s Quarterly Reporton Form 10-Q for the quarter ended March 31, 2008, filed May 15, 2008). |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 31.1       | Rule 13a-14(a)/15d-14(a). Certification of Co-Chief Executive Officer.                                                                                                                                                                                                                                                                                                                                                 |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 31.2       | Rule 13a-14(a)/15d-14(a). Certification of Co-Chief Executive Officer.                                                                                                                                                                                                                                                                                                                                                 |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 31.3       | Rule 13a-14(a)/15d-14(a). Certification of Chief Financial Officer.                                                                                                                                                                                                                                                                                                                                                    |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 32.1       | Certification of Co-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 Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                  |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 32.3       | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                     |

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SIGNATURES

| /s/ Mark Gatto                                                              |
|-----------------------------------------------------------------------------|
| Mark Gatto                                                                  |
| Co-Chief Executive Officer and Co-President(Co-Principal Executive Officer) |

| /s/ Michael A. Reisner                                                      |
|-----------------------------------------------------------------------------|
| Michael A. Reisner                                                          |
| Co-Chief Executive Officer and Co-President(Co-Principal Executive Officer) |

| /s/ Anthony J. Branca                                               |
|---------------------------------------------------------------------|
| Anthony J. Branca                                                   |
| Chief Financial Officer(Principal Accounting and Financial Officer) |

| 24 |
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