This light or indicator on the dash or message center is usually related to the ABS system, and sometimes to the check engine light.
When this is on, the traction system is disabled. A problem in the ABS system is usually the cause, and would have to be scanned for codes.
Sometimes and engine problem that causes a check engine light will also cause the TRAC OFF light to come on certain vehicles. In this case, the PCM would have to be scanned for codes and repaired first. Then the traction control system codes can be cleared.