<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-07-29</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001317630</issuerCik>
        <issuerName>ITC Holdings Corp.</issuerName>
        <issuerTradingSymbol>ITC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001331918</rptOwnerCik>
            <rptOwnerName>Eisenberg Lewis M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O GREENBAUM, ROWE, SMITH &amp; DAVIS LLP</rptOwnerStreet1>
            <rptOwnerStreet2>99 WOOD AVENUE SOUTH, ATTN. R. FELTON</rptOwnerStreet2>
            <rptOwnerCity>WOODBRIDGE</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07095</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, without par value</value>
            </securityTitle>
            <transactionDate>
                <value>2005-07-29</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>11875000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>23.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>17746567</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">International Transmission Holdings Limited Partnership (&quot;ITHLP&quot;) owns all of the 11,875,000 shares of common stock
reported as disposed of in the above table. Mr. Eisenberg is the sole member of the General Partner of ITHLP and,
therefore, may be deemed to be the beneficial owner of the shares of common stock held by ITHLP.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Lewis Eisenberg</signatureName>
        <signatureDate>2005-07-29</signatureDate>
    </ownerSignature>
</ownershipDocument>
