Economic Growth and Tax Relief Reconciliation Act of 2001

The GRANTED Act of 2025, H.R. 1836, amends Section 6409(b)(3) of the Middle Class Tax Relief and Job Creation Act of 2012. It mandates that federal agencies deem an application for a communications facility easement, right-of-way, or lease as granted if the agency fails to act on a complete application within 270 days. This eliminates bureaucratic delays that have historically hindered the expansion of wireless networks, particularly in rural and federally-owned areas. The bill defines a 'complete application' and sets clear timelines for agency response, shifting the burden of inaction from applicants to federal agencies. This legislative action directly addresses a significant bottleneck for telecommunications infrastructure development. The money trail for this bill is indirect but substantial. It does not appropriate new funds but rather removes regulatory friction, which translates into cost savings and faster revenue generation for companies involved in communications infrastructure. Tower companies like American Tower Corporation ($AMT), Crown Castle Inc. ($CCI), and SBA Communications Corporation ($SBAC) will see accelerated deployment schedules and reduced carrying costs for projects awaiting federal approval. Telecommunications carriers such as Verizon Communications Inc. ($VZ) and AT&T Inc. ($T) will benefit from quicker network build-outs, enabling them to expand 5G coverage and other services more rapidly, leading to increased subscriber growth and service revenue. Historically, regulatory streamlining for infrastructure has driven market gains. While direct historical precedent for automatic federal permit approval is limited, similar efforts at the state level to expedite cell tower siting have consistently led to increased investment and faster network deployment. For instance, various state-level 'dig once' policies and streamlined permitting processes in the mid-2010s for broadband expansion correlated with increased capital expenditures by telecommunications companies and subsequent revenue growth. The sponsor, Rep. Obernolte, a Republican from California, indicates bipartisan support for infrastructure efficiency, given the policy area of Science, Technology, and Communications. Specific winners include major tower REITs: American Tower Corporation ($AMT), Crown Castle Inc. ($CCI), and SBA Communications Corporation ($SBAC), which own and operate the infrastructure. Telecommunications carriers like Verizon Communications Inc. ($VZ) and AT&T Inc. ($T) will also gain from faster network expansion. There are no direct losers, but companies that rely on slow federal processes to maintain competitive advantages will see that advantage erode. The bill was introduced on March 4, 2025, and referred to two committees. The next step is committee consideration and potential mark-up, followed by a vote in the House. Given the clear benefit to infrastructure and technology, and the non-controversial nature of efficiency improvements, passage is probable within the current legislative session. This bill does not have a direct dollar amount attached, but the economic impact of accelerated 5G and broadband deployment is estimated to be in the tens of billions of dollars annually through increased productivity and innovation. The regulatory relief provided by this bill directly contributes to realizing these economic benefits faster.