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


                                    FORM 10-Q



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

For the period ended                      September 30, 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)

                                                 September 30,     December 31,
                                                     2002             2001
                                                     ----             ----
         Assets
         ------
Cash                                            $  10,852,104     $   5,684,652
                                                -------------     -------------

Investment in finance leases
 Minimum rents receivable                          26,354,195        32,769,190
 Estimated unguaranteed residual values             2,711,893         2,711,893
 Initial direct costs                                 524,379           746,106
 Unearned income                                   (4,445,326)       (6,568,703)
                                                -------------     -------------
                                                   25,145,141        29,658,486
                                                -------------     -------------

Investment in operating leases
 Equipment, at cost                               168,367,834        95,156,568
 Accumulated depreciation                         (20,435,151)      (11,456,484)
                                                -------------     -------------
                                                  147,932,683        83,700,084
                                                -------------     -------------

Investment in joint ventures                        6,999,601              -
Due from affiliates                                    78,144         3,730,884
Investments in unguaranteed
 residual values                                    2,342,589         2,406,128
Investment in option                            `   2,100,000         2,100,000
Other assets                                        1,208,574         2,915,266
Cash held in escrow                                      -           13,723,196
                                                -------------     -------------

Total assets                                    $ 196,658,836     $ 143,918,696
                                                =============     =============

    Liabilities and Partners' Equity
    --------------------------------

Notes payable - non-recourse                    $ 137,375,873     $  76,852,204
Note payable - recourse                               400,000         2,900,000
Due to affiliates                                     466,654              -
Deferred rental income                                835,884              -
Security deposits and other liabilities             1,027,618         1,269,603
Minority interests in joint ventures                1,494,667         1,684,289
                                                -------------     -------------
                                                  141,600,696        82,706,096
                                                -------------     -------------

Partners' equity
 General Partner                                     (103,354)          (42,960)
 Limited Partners (748,474.09 and 750,000
  units outstanding, $100 per unit original
  issue price)                                     55,161,494        61,255,560
                                                -------------     -------------
   Total partners' equity                          55,058,140        61,212,600
                                                -------------     -------------

Total liabilities and partners' equity          $ 196,658,836     $ 143,918,696
                                                =============     =============


See accompanying notes to financial statements.


<PAGE>


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

                      Consolidated Statement of Operations

                                   (Unaudited)

<TABLE>
                                                           For the Three Months              For the Nine Months
                                                           Ended September 30,               Ended September 30,
                                                            2002          2001                2002          2001
                                                            ----          ----                ----          ----

Revenues

<S>                                                 <C>                <C>              <C>               <C>
 Rental income                                      $    5,634,449     $   4,504,568    $  16,452,664     $  13,159,408
 Finance income                                            665,077           675,440        2,123,377         1,620,766
 Gain on sale of equipment                                 166,306            46,608          407,890            46,608
 Income from investment in
  joint venture                                             48,190             8,629          310,997             8,629
 Interest income and other                                  13,821            59,567           41,488           113,070
                                                     -------------     -------------    -------------     -------------

   Total revenues                                        6,527,843         5,294,812       19,336,416        14,948,481
                                                     -------------     -------------    -------------     -------------

Expenses

 Depreciation                                            3,686,757         3,133,942       10,663,674         8,854,350
 Interest                                                1,988,314         1,396,592        5,376,706         4,016,703
 Management fees - General Partner                         532,732           380,673        1,667,406           946,330
 Administrative expense
  reimbursements - General Partner                         244,209           169,180          747,887           401,913
 General and administrative                                115,022           104,924          414,059           281,884
 Amortization of initial direct costs                       70,410            64,443          221,727           139,081
 Minority interest expense                                  36,852            39,309          177,381           125,944
                                                     -------------     -------------    -------------     -------------

 Total expenses                                          6,674,296         5,289,063       19,268,840        14,766,205
                                                     -------------     -------------    -------------     -------------

Net (loss) income                                    $    (146,453)    $       5,749    $      67,576     $     182,276
                                                     =============     =============    =============     =============

Net (loss) income allocable to:
 Limited partners                                    $    (144,988)    $       5,692    $      66,900     $     180,453
 General Partner                                            (1,465)               57              676             1,823
                                                     -------------     -------------    -------------     -------------

                                                     $    (146,453)    $       5,749    $      67,576     $     182,276
                                                     =============     =============    =============     =============
Weighted average number of limited
 partnership units outstanding                             749,496           526,730          749,765           375,564
                                                     =============     =============    =============     =============

Net (loss) income per weighted average
 limited partnership unit                            $       (0.19)    $         .01    $        0.09     $         .48
                                                     =============     =============    =============     =============
</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 Nine Months Ended September 30, 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)

Balance at
<S>                                     <C>          <C>          <C>             <C>              <C>
 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

Redeemed (1,525.91 units)                                              (115,103)         -             (115,103)

Cash distributions to partners        $  7.97       $  0.09          (6,045,863)      (61,070)        (6,106,933)

Net income                                                               66,900           676             67,576
                                                                 --------------   -----------     --------------

Balance at
 September 30, 2002                                              $   55,161,494   $  (103,354)    $   55,058,140
                                                                 ==============   ===========     ==============

</TABLE>


See accompanying notes to financial statements.


<PAGE>




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

                             Statement of Cash Flows

                     For the Nine Months Ended September 30,

                                   (Unaudited)


                                                   2002             2001
                                                   ----             ----

Cash flows from operating activities:
 Net income                                    $     67,576    $    182,276
                                               ------------    ------------
 Adjustments to reconcile net income to
  net cash provided by operating
  activities:
   Finance income paid directly to lenders
    by lessees                                   (1,037,322)       (434,270)
   Depreciation                                  10,663,674       8,854,350
   Amortization of initial direct costs             221,727         139,081
   Minority interest expense                        177,381         125,944
   Income from investment in joint venture         (310,997)         (8,629)
   Gain on sale of equipment                       (407,890)        (46,608)
   Rental income paid directly to lender
    by lessees                                  (13,952,222)    (12,175,367)
   Interest expense on non-recourse
    financing paid directly by lessees            4,973,860       3,583,073
   Changes in operating assets and
    liabilities:
    Collection of principal - non-financed
     receivables                                  1,066,645       1,559,603
    Other assets                                  1,706,692         341,197
    Due from affiliates                           3,652,740            -
    Deferred rental income                          835,884         345,926
    Security deposits and other liabilities        (241,985)        278,897
    Due to affiliates                               466,654            -
                                               ------------    ------------
      Total adjustments                           7,814,841       2,563,197
                                               ------------    ------------

   Net cash provided by operating
    activities                                    7,882,417       2,745,473
                                               ------------    ------------

Cash flows used in investing activities:
 Receipt of cash held in escrow                  13,723,196            -
 Proceeds from sale of equipment                  2,174,602         263,054
 Distribution received from unconsolidated
  joint venture                                     921,655            -
 Proceeds from sale of unguaranteed residual         63,539            -
 Equipment purchased                             (4,250,000)    (10,838,100)
 Investment in unguaranteed residual                   -         (2,331,850)
 Investments in joint ventures                   (7,610,259)     (3,273,407)
 Cash held in escrow                                   -         (5,186,296)
 Initial direct costs                            (2,242,352)     (1,082,921)
 Distribution to minority interest in
  joint venture                                    (367,003)           -
                                               ------------    ------------

   Net cash provided by (used in) investing
    activities                                    2,413,378     (22,449,520)
                                               ------------    ------------



See accompanying notes to financial statements.


<PAGE>


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

                       Statement of Cash Flows - Continued

                     For the Nine Months Ended September 30,

                                   (Unaudited)


                                                    2002             2001
                                                    ----             ----
Cash flows from financing activities:
 Proceeds from non-recourse borrowings           3,593,693              -
 Issuance of limited partnership units,
  net of offering expenses                            -           40,672,703
 Payment of non-recourse borrowings                   -           (1,348,581)
 Payment of recourse borrowing                  (2,500,000)       (7,000,000)
 Cash distributions to partners                 (6,106,933)       (3,061,418)
 Redemption of limited partnership units          (115,103)             -
                                             -------------     -------------

  Net cash (used in) provided by
   financing activities                         (5,128,343)       29,262,704
                                             -------------     -------------

Net increase in cash                             5,167,452         9,558,657

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

Cash at end of period                          $10,852,104     $  10,874,363
                                             =============     =============



See accompanying notes to financial statements.


<PAGE>


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

                Consolidated Statement of Cash Flows (continued)



Supplemental Disclosure of Cash Flow Information
------------------------------------------------

     For the nine months ended September 30, 2002 and 2001,  non-cash activities
included the following:

                                                    2002             2001
                                                    ----             ----

Principal and interest on direct finance
 receivables paid directly to lenders
 by lessees                                   $     4,586,720  $        859,282
Rental income assigned operating lease
 receivables                                       13,952,222        12,175,367
Principal and interest paid directly to
 lenders by lessees                               (18,538,942)      (13,034,649)
                                              ---------------  ----------------

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

Fair value of equipment
 purchased for debt                           $    70,495,058  $     25,259,285
Non-recourse notes payable
 assumed in purchase price                        (70,495,058)      (25,259,285)
                                              ---------------  ----------------

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



<PAGE>


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

                          Notes to Financial Statements

                               September 30, 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.  During the nine months
ended  September 30, 2002,  1,525.91  units were  redeemed for  $115,103.  Total
outstanding units at September 30, 2002 was 748,474.09.

     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 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 Financial Statements - Continued



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  September  30, 2002 and 2001
were as follows:

                                2002            2001
                                ----            ----

 Organization and
  offering expenses         $      -      $  1,005,001  Charged to equity
 Underwriting
  commissions                      -           926,171  Charged to equity
 Acquisition fees             2,242,352      2,918,237  Capitalized as part of
                                                         investment in
                                                         operating leases
 Acquisition fees             1,256,259           -     Capitalized as part of
                                                         investment in joint
                                                         venture
 Management fees              1,667,406        946,330  Charged to operations
 Administrative
  expense reimbursements        747,887        401,913  Charged to operations
                          -------------   ------------

                          $   5,913,904   $  6,197,652
                          =============   ============

     During the period ended September 30, 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 a 50%  interest  in ICON 126.  The
amounts are included  under the  captions  investments  in operating  leases and
investments  in joint  ventures,  respectively.  In  addition,  the  Partnership
accrued  $24,433  as  acquisition   fees  with  respect  to  its  investment  in
ICON/Kenilworth, LLC. See note 4.

4.   Consolidated Ventures and Investments in Unconsolidated Joint Ventures

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

Consolidated Ventures

     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




<PAGE>


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

                    Notes to Financial Statements - Continued


and the assumption  ofnon-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  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 767-300ER aircraft leased to Scandinavian  Airline
Systems  for a purchase  price of  $44,515,416,  which was  funded  with cash of
$2,241,371 and non-recourse debt of $42,274,045. The rents and the aircraft have
been assigned to the unaffiliated 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.

Investments in Unconsolidated Joint Ventures

     The three joint ventures  described  below are 50%, 49% and 5% 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 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  for
$4,250,000 in cash. The aircraft owned by D.A.L. is subject to non-recourse debt
provided  by  unaffiliated   lenders.  As  of  September  30,  2002,  there  was
$68,311,565 of debt 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 results of operations of D.A.L. in its
financial statements.



<PAGE>


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

                    Notes to 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 September 30, 2002 is summarized below:

                                        September 30, 2002
                                        ------------------

 Assets                                  $    75,343,390
                                         ===============

 Liabilities                             $    68,703,392
                                         ===============

 Equity                                  $     6,639,998
                                         ===============

 Partnership's share of equity           $     3,319,999
                                         ===============

                                        Nine Months Ended
                                        September 30, 2002
                                        ------------------

 Net income                              $       154,196
                                         ===============

 Partnership's share of net income       $        77,098
                                         ===============


     ICON SPK 2023-A, LLC
     --------------------

     In the quarter ended March 31, 2002, the  Partnership  and Fund Nine 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 in cash. In June 2002, the
Partnership  paid $113,925 of acquisition fees into the venture for its pro-rata
share of the  acquisition  fees. 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 Financial Statements - Continued


     Information as to the financial  position and results of operations of ICON
SPK as of and for the quarter ended September 30, 2002 is summarized below:

                                              September 30, 2002
                                              ------------------

       Assets                                  $     7,097,043
                                               ===============

       Liabilities                             $       518,127
                                               ===============

       Equity                                  $     6,578,916
                                               ===============

       Partnership's share of equity           $     3,223,669
                                               ===============

                                              Nine Months Ended
                                              September 30, 2002
                                              ------------------

       Net income                              $       477,345
                                               ===============

       Partnership's share of net income       $       233,899
                                               ===============

       Distributions                           $     1,880,929
                                               ===============

       Partnership's share of distributions    $       921,655
                                               ===============


     ICON/Kenilworth LLC
     -------------------

     In the quarter ended  September  30, 2002,  the  Partnership  and Fund Nine
formed ICON/Kenilworth LLC for the purpose of acquiring a natural gas-fired 25MW
co-generation  facility for a total  purchase  price of $8,630,000 in cash,  and
assumed non-recourse debt of $7,658,892, consisting of senior debt of $7,420,156
and junior debt of $238,736.  The acquisition  closed on September 30, 2002. The
facility is subject to lease with Energy Factors Kenilworth, Inc., which expires
in July 2004.  In addition,  there was a total of $488,667 in  acquisition  fees
paid to the Manager.



<PAGE>


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

                    Notes to Financial Statements - Continued


     The  Partnership  and Fund  Nine  have  ownership  interests  of 5% and 95%
respectively.  The Partnership  accounts for the investment following the equity
method.  The  Partnership's  original  investment  was  recorded  at a  cost  of
$455,933,  inclusive of related  acquisition fees of $24,433.  Information as to
the financial position of ICON/Kenilworth as of September 30, 2002 is summarized
below:

                                           September 30, 2002
                                           ------------------

     Assets                                  $    16,777,559
                                             ===============

     Liabilities                             $     7,658,892
                                             ===============

     Equity                                  $     9,118,667
                                             ===============

     Partnership's share of equity           $       455,933
                                             ===============

5.   Investments in Subsidiary

     In early 2002, the Partnership formed 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 in the first quarter of 2002
for $4,250,000 in cash.  The aircraft owned by Alpha is 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
principal balance of the debt was approximately $70.5 million at such date. ICON
123 consolidates  the financial  position and results of operations of A.A.L. in
its  financial   statements.   The  assets  and  liabilities  of  ICON  123  are
consolidated in the Partnership financial statements.

6.   New Financing

     On May 4, 2002, the Partnership  borrowed  $3,593,693  under a non-recourse
note using the  present  value of the  remaining  rentals  due under an aircraft
lease as security.  As of September 30, 2002,  the  outstanding  balance of such
note was $3,431,609.

     During the period ended September 30, 2002, the Partnership  entered into a
$17,500,000  joint line of credit  agreement  shared  with Fund Eight A and L.P.
Seven,  with  Comerica  Bank as lender.  Under the terms of the  agreement,  the
Partnership  may borrow at a rate equal to the  Comerica  Bank base rate plus 1%
(5.75% at September 30, 2002) and all borrowings are to be collateralized by the
present values of rents  receivable and residuals.  The expiration  date of this
line of  credit  is May 31,  2003.  As of  September  30,  2002,  there  were no
borrowings by the Partnership under the line.



<PAGE>


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

                    Notes to Financial Statements - Continued


7.   Contingencies

     Limited  partners who purchased  units after June 7, 2001 and before August
18, 2001 had 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 SEC. The repurchase  price would have been 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.  There were no unit  repurchase  transactions  as a
result of this  repurchase  offer through August 18, 2002 and the rights of such
partners to put his (her) units back to the partnership have lapsed.




<PAGE>


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

                               September 30, 2002

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

Results of Operations for the Three Months Ended September 30, 2002 and 2001

     Revenues for the quarter  ended  September 30, 2002 ("2002  Quarter")  were
$6,527,843  representing  an  increase  of  $1,233,031  over the  quarter  ended
September  30, 2001 ("2001  Quarter").  The  increase in revenue  resulted  from
continued  purchase of equipment  subject to lease.  Increases were comprised of
increases in rental income of $1,129,881, gain on sale of equipment of $119,698,
and $39,561 from  investment  in joint  venture.  During the 2002  quarter,  the
Partnership  sold  equipment  from the Cheyenne  portfolio for total proceeds of
$1,065,937 which resulted in a gain of $166,306. These increases in revenue were
partially  offset by decreases in finance income of $10,363 and interest  income
and other of $45,746.

     Expenses for the 2002 Quarter were  $6,674,296  representing an increase of
$1,385,233  over the 2001  Quarter.  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  $552,815,   due  to  the  additional
investments in operating leases made subsequent to September 30, 2001.  Interest
expense increased by $591,722, due to an increase in the Partnership's borrowing
levels.   Management   fees  -  General   Partner   increased  by  $152,059  and
administrative expense  reimbursements-General Partner increased by $75,029. The
increase in management fees was consistent with increases in rentals  (including
operating leases,  finance leases and through joint ventures) on which such fees
are dependant.  The increase in administrative  expense  reimbursement - General
Partner  was  consistent  with  the  increase  in  operating  activities  of the
Partnership.  General  and  administrative  expenses  increased  by $10,098  and
amortization of initial direct cost of increased by $5,967. These increases were
partially off-set by a decrease in minority interest expense of $2,457. Minority
interest  expense  decreased due to the reduction of the lease portfolio size of
ICON Cheyenne.

     Net (loss) income for the 2002 Quarter and the 2001 Quarter was  $(146,453)
and $5,749,  respectively.  The net (loss) income per weighted  average  limited
partnership unit outstanding was $(0.19) and $0.01 for the 2002 Quarter and 2001
Quarter, respectively.

     As  of  September   30,  2002  there  were  no  known  trends  or  demands,
commitments,  events or  uncertainties,  which are  likely to have any  material
effect on net revenues and the results of operations.

Results of Operations for the Nine Months Ended September 30, 2002 and 2001

     Revenues for the nine months ended  September 30, 2002 ("2002 Period") were
$19,336,416  representing  an increase of $4,387,935  over the nine months ended
September  30, 2001 ("2001  Period").  The  increase  in revenue  resulted  from
continued purchase of equipment subject to lease.  Increases in rental income of
$3,293,256,  finance income of $502,611, income from investment in joint venture
of $302,368,  and gain on sale of equipment of $361,282,  were partially off-set
by a decrease  in interest  income and other of $71,582.  During the 2002 Period
the Partnership sold equipment from the Cheyenne portfolio for total proceeds of
$2,174,602 which resulted in a gain of $407,890.



<PAGE>



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

                               September 30, 2002

     Expenses  for 2002  Period  were  $19,268,840  representing  an increase of
$4,502,635  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  $1,809,324,  due  to  the  additional
investments  in  operating   leases  made  subsequent  to  September  30,  2001.
Management  fees - General  Partner  increased  by $721,076  and  administrative
expense  reimbursements  - General  Partner  increased  by  $345,974 in the 2002
Period as compared to the 2001  Period.  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  dependant.  The
increase  in  administrative   expense  reimbursements  -  General  Partner  was
consistent  with  the  increase  in  operating  activities  of the  Partnership.
Minority interest expense  increased by $51,437,  amortization of initial direct
costs increased by $82,646, interest expense increased by $1,360,003 and general
and administrative expenses increased by $132,175 in the 2002 Period as compared
to 2001 Period.

     Net income for the 2002 Period and 2001  Period was  $67,576 and  $182,276,
respectively.  The net income per  weighted  average  limited  partnership  unit
outstanding was $0.09 and $0.48 for the 2002 and 2001 periods, respectively.

     As  of  September   30,  2002  there  were  no  known  trends  or  demands,
commitments,  events or  uncertainties,  which are  likely to have any  material
effect on net revenues and the results of operations.

Liquidity and Capital Resources

     The Partnership's primary source of funds for the 2002 Period was access to
debt  associated  with the  Partnerships  investments  in  unconsolidated  joint
ventures  in the amount of  $35,138,367  and  subsidiaries  of  $70,495,058.  In
addition,   the  Partnership  had  cash  provided  by  operating  activities  of
$7,882,417,  which included the collection of sales proceeds due from L.P. Seven
of $3,644,701  from the sale of an interest in a joint venture in December 2001.
In addition,  the Partnership received funds from the return of $13,723,196 from
cash held in escrow and proceeds from non-recourse borrowings of $3,593,693.

     Such funds were utilized for investments in leases and joint ventures, with
related  costs  aggregating   $14,102,611,   (including   initial  direct  costs
(acquisition fees) of $2,266,785), repayment of amounts outstanding under a line
of credit of  $2,500,000,  and cash to make cash  distributions  to  partners of
$6,106,933.  As  cash  is  realized  from  operations  and  with  proceeds  from
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.

     During the 2002  Period,  the Company  and an  affiliate,  Fund Nine,  have
formed several joint ventures for the purpose of acquiring and managing  various
assets. The Company and the affiliate have identical  investment  objectives and
participate on the same terms and  conditions.  The Company has a right of first
refusal to purchase the equipment, on a pro-rata basis, if the affiliate desires
to sell its interest in the equipment or in the joint  venture.  In the instance




<PAGE>


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

                               September 30, 2002

where the Company is not the majority  owner,  the  investment  is accounted for
following the equity method.  Where the Company is the majority owner, the joint
venture is consolidated,  with the other joint venturer's  interest reflected on
the Company's  balance sheet as "Minority  interest in joint  venture".  The net
investment  in the  unconsolidated  joint  venture is recorded on the  Company's
balance  sheet  as  "Investment  in  unconsolidated  joint  venture",  with  the
summarized  financial  data of the  unconsolidated  joint  venture  presented in
footnote 4 to the Company's  consolidated  financial  statements.  The Company's
share of equity,  income and  distributions  (if any) are also  presented in the
footnote. The Company's share of income of the non-consolidated joint venture is
reflected on the  statement of  operations  as income from  investment  in joint
venture. Because the Company's share of the joint venture is pari passu with the
other  joint  venturer,  the  impact  on net  income is the same as if the joint
venture were consolidated.

     During  the second  quarter of 2002,  the  Partnership  entered  into a new
$17,500,000  joint line of credit  agreement,  shared with Fund Eight A and L.P.
Seven.  Under the new line,  the  Partnership  may borrow at a rate equal to the
Comerica Bank base rate plus 1% (5.75% at September 30, 2002),  with  borrowings
collateralized by the present values of rents receivable and residuals. The line
expires May 31, 2003.  As of September 30, 2002, no amounts were borrowed by the
Partnership under the line.

     As  of  September   30,  2002  there  were  no  known  trends  or  demands,
commitments,  events or  uncertainties,  which are  likely to have any  material
effect on liquidity.



<PAGE>


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

                               September 30, 2002

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  may borrow funds under a floating rate line of credit and
therefore  may be exposed to interest  rate risk until the floating rate line of
credit is  repaid.  The  Partnership  had no  borrowings  outstanding  under the
floating rate line of credit as of September 30, 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  October 1, 2002,  Kmart has made all  scheduled  rental  payments.  The
bankruptcy court has not ruled on the affirmation of the Partnership's leases as
of the date of this report.

Item 4.  Controls and Procedures

     Beaufort  J.B.  Clarke and Thomas W. Martin,  the  Principal  Executive and
Principal Financial Officers,  respectively,  of ICON Capital Corp. ("ICC"), the
General Partner of the Partnership,  have evaluated the disclosure  controls and
procedures  of the  Partnership  within  90 days  prior  to the  filing  of this
quarterly report. As used herein, the term "disclosure  controls and procedures"
has the meaning given to the term by Rule 13a-14 under the  Securities  Exchange
Act of 1934, as amended  ("Exchange  Act"),  and includes the controls and other
procedures  of the  Partnership  that are  designed to ensure  that  information
required to be  disclosed by the  Partnership  in the reports that it files with
the SEC under the Exchange Act is recorded,  processed,  summarized and reported
within the time periods specified in the SEC's rules and forms. As part of their
evaluation,  Messrs. Clarke and Martin conferred with the finance and accounting
staff of ICC and the finance and accounting  staff of ICON Holdings  Corp.,  the
parent  of  ICC.  Management  has  presented  the  results  of its  most  recent
evaluation to the Partnership's independent auditors, KPMG LLP. Based upon their
evaluation,  Messrs.  Clarke and Martin have  concluded  that the  Partnership's
disclosure  controls  and  procedures  provide  reasonable  assurance  that  the
information  required  to be  disclosed  by the  Partnership  in this  report is
recorded,  processed,  summarized and reported within the time periods specified
in the SEC's rules and forms applicable to the preparation of this report.

     There  have  been no  significant  changes  in the  Partnership's  internal
controls or in other factors that could  significantly  affect the Partnership's
internal  controls  subsequent to the evaluation  described  above  conducted by
ICC's principal executive and financial officers.




<PAGE>


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


PART II - OTHER INFORMATION


Item 6 - Exhibits and Reports on Form 8-K

No reports on Form 8-K were filed by the  Partnership  during the quarter  ended
September 30, 2002.

Exhibits

99.1 Certification  of  Chairman  and Chief  Executive  Officer  pursuant  to 18
     U.S.C.ss.1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
     of 2002.

99.2 Certification  of Executive  Vice  President  and  Principal  Financial and
     Accounting  Officer  pursuant to 18  U.S.C.ss.1350,  as adopted pursuant to
     Section 906 of the Sarbanes-Oxley Act of 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.





     November 14, 2002         /s/ Thomas W. Martin
--------------------------     -------------------------------------------------
          Date                 Thomas W. Martin
                               Executive Vice President
                              (Principal Financial and Accounting Officer of the
                               Manager of the Registrant)


                              Certifications - 10-Q

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

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

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statements of a material fact or omit to state a material fact necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based  on my  knowledge,  the  financial  statements  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and



<PAGE>


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


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

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent function):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Dated:  November 14, 2002

/s/ Beaufort J.B. Clarke
-----------------------------
Beaufort J. B. Clarke
Chairman and Chief Executive Officer
ICON Capital Corp.
Manager of ICON Income Fund Eight B L.P.



I, Thomas W. Martin, certify that:

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

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statements of a material fact or omit to state a material fact necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based  on my  knowledge,  the  financial  statements  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:



<PAGE>


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


     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

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

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent function):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Dated:  November 14, 2002

/s/ Thomas W. Martin
----------------------------------------
Thomas W. Martin
Executive Vice President
(Principal Financial and Accounting Officer
of the Manager of the Registrant)



<PAGE>


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

                               September 30, 2002

EXHIBIT 99-1

     I,  Beaufort  J.B.  Clarke,  Chairman and Chief  Executive  Officer of ICON
Capital  Corp,  the sole  General  Partner  of ICON  Income  Fund  Eight B L.P.,
certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)  the Quarterly  Report on Form 10-Q for the period ended  September 30, 2002
     (the "Periodic  Report") which this  statement  accompanies  fully complies
     with the  requirements  of Section 13(a) of the Securities  Exchange Act of
     1934 (15 U.S.C. 78m) and

(2)  information  contained  in the  Periodic  Report  fairly  presents,  in all
     material  respects,  the  financial  condition and results of operations of
     ICON Income Fund Eight B L.P..

Dated:  November 14, 2002




                               /s/ Beaufort J.B. Clarke
                               -------------------------------------------------
                               Beaufort J.B. Clarke
                               Chairman and Chief Executive Officer
                               ICON Capital Corp.
                               Manager of ICON Income Fund Eight B L.P.



<PAGE>


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

                               September 30, 2002


EXHIBIT 99-2


     I, Thomas W. Martin,  Executive  Vice  President  (Principal  Financial and
Accounting  Officer) of ICON  Capital  Corp,  the sole  General  Partner of ICON
Income Fund Eight B L.P., certify, pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:

(1)  the Quarterly  Report on Form 10-Q for the period ended  September 30, 2002
     (the "Periodic  Report") which this  statement  accompanies  fully complies
     with the  requirements  of Section 13(a) of the Securities  Exchange Act of
     1934 (15 U.S.C. 78m) and

(2)  information  contained  in the  Periodic  Report  fairly  presents,  in all
     material  respects,  the  financial  condition and results of operations of
     ICON Income Fund Eight B L.P..

Dated:  November 14, 2002




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