To amend the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 relating to the innocent land owner defense and municipal liability, and to amend that Act and the Solid Waste Disposal Act relating to used oil.

[AI summary unavailable — showing source text] Amends the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) to create a rebuttable presumption (subject to certain conditions) that a defendant who has acquired real property has made all appropriate inquiry into previous ownership and uses of the property if he establishes that, immediately prior to or at the time of acquisition, he obtained a Phase I Environmental Audit (i.e., an investigation of the property, conducted by environmental professionals, to determine a release or threatened release of hazardous substances. Limits the liability of municipalities or other persons resulting from the generation or transportation of municipal solid waste to four percent of costs and damages. Amends the Solid Waste Disposal Act to direct the Administrator of the Environmental Protection Agency to list as a hazardous waste any used oil and any product derived from such oil that fails to meet certain specifications for flashpoint, lead, arsenic, chromium, cadmium, halogens, and polychlorinated biphenyls. Exempts used oil generated by petroleum refining or production facilities which is to be refined along with normal process streams from requirements for hazard…