While I'm a bit cautious with handing tax credits to every imaginable group in times of recession where government needs revenue of some sort, I think this is a reasonable piece of legislation. One issue though:
How do you prove this? Not everybody buys a train or bus pass (though most who regularly use public transit do, obviously), so it's hard to prove how you're eligible for a tax rebate and easy to lie ("Oh, I swear, I take the bus to work" and the kind of bs).
Ontario has a tax credit (I think that's it, might be wrong) on bus and train passes if you keep your old passes to prove it, so I propose this amendment: