Transportation Equity Act This bill directs the Department of Transportation to establish a competitive grant program to reimburse certain public transportation agencies that provide free unlimited transportation passes to specified individuals. Individuals eligible to receive a pass are (1) persons who are 60 years or older, (2) persons with disabilities, (3) persons in receipt of means-tested benefits, (4) persons whose income is 300% or less of the poverty line, (5) the spouse or unmarried dependent of any person in the previous four categories.