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.

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 hazardous waste under such Act if it is inserted into the refining process or production pipeline.

Directs the Administrator to promulgate regulations for the management of used oil classified as a hazardous waste. Exempts from such regulation generators of used oil which is household waste, curbside collection programs, and specified scrap materials. Exempts certain used oil generators and collectors from hazardous waste regulations under the Solid Waste Disposal Act (other than those under this Act) if they meet certain recycling, transportation, disposal, and recordkeeping requirements. Applies standards for hazardous waste transporters and facilities to hazardous used oil transporters and facilities.

Directs the Administrator to require producers and importers of lubricating base stock to guarantee the reuse of an annually increasing percentage of used lubricating oil.

Requires States to provide incentives to persons who accept and collect used oil.

Amends CERCLA to prohibit bringing actions against (currently, recovering response costs or damages from) service station dealers for response costs or damages resulting from releases of used (currently, recycled) oil, subject to certain conditions.