To amend the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, and for other purposes.

TABLE OF CONTENTS:

Title I: Innocent Landowner

Title II: Voluntary Cleanups

Title III: Economic Incentives

Title IV: Lender Liability

Title I: Innocent Landowner - Amends the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) to create a rebuttable presumption 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, within 180 days prior to the time of acquisition, he conducted an environmental site assessment (an assessment of the property and surrounding areas to determine the presence or likely presence of contamination and which provides for review of specified records and inspections).

(Sec. 101) Specifies that no such presumption shall arise: (1) unless the defendant has maintained a compilation of the information reviewed in the course of the assessment; or (2) if the assessment discloses contamination on the property to be acquired, unless the defendant has taken reasonable steps to confirm the absence of such contamination.

Title II: Voluntary Cleanups - Applies this title to any facility where there has been a release or threat of release of a hazardous substance into the environment. Makes this Act inapplicable to: (1) any portion of a facility with respect to which a Record of Decision has been issued by the President under CERCLA; (2) any portion of a facility with respect to which an administrative or judicial order or consent decree requiring remedial action has been issued under CERCLA, the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act (RCRA), the Clean Water Act, or the Safe Drinking Water Act; (3) any land disposal unit for which a closure notification under RCRA has been submitted and closure requirements have been specified; or (4) any portion of a facility with respect to which a corrective action permit or order has been issued, modified, or amended.

(Sec. 203) Authorizes States to apply to the Administrator of the Environmental Protection Agency (EPA) to administer the voluntary response program under this title, subject to certain requirements.

(Sec. 204) Permits any person to submit a notification of intent to conduct a voluntary response and requires such person to agree to pay the direct costs incurred by the Administrator or the State in reviewing the response action plan and overseeing the response.

Requires persons intending to perform responses to: (1) conduct a facility investigation; and (2) set forth such response in a response action plan to be submitted with the facility investigation report to the Administrator or the State.

(Sec. 205) Requires voluntary responses to attain response standards derived on a site-specific basis. Requires persons seeking to conduct voluntary cleanups to submit site-specific risk assessments along with response action plans.

Directs the EPA Science Advisory Board to complete a report on the validity of risk assessment methodologies used by EPA and recommendations to improve the accuracy and reliability of the methodologies. Requires the Administrator to revise EPA's risk assessment guidance and policy documents to reflect such recommendations.

(Sec. 208) Deems voluntary responses to be in compliance with specified Federal environmental laws and provides that further response action shall not be required for matters addressed in a voluntary response plan.

Title III: Economic Incentives - Amends the Internal Revenue Code to establish an environmental remediation credit program that allows businesses a credit for 25 percent of the costs incurred for: (1) environmental remediation with respect to any contaminated site; and (2) an approved environmental remediation plan.

(Sec. 302) Permits hazardous substance cleanup expenditures to be allowed as itemized deductions.

Title IV: Lender Liability - Amends CERCLA to exclude from the definition of "owner or operator," for purposes of limiting liability for releases of hazardous substances, a person who, without participating in the management of a vessel or facility, holds indicia of ownership primarily to protect a security interest in such vessel or facility. Defines "indicia of ownership" as an interest in property acquired: (1) for securing payment of a loan or indebtedness or the performance of an obligation; (2) evidencing ownership under a lease financing transaction where the lessee does not initially select or ordinarily control the daily operation or maintenance of the property; or (3) in the course of protecting a security interest or right of reimbursement or subrogation under a guaranty.

Makes liable for any release or threatened release of a hazardous substance attributable to their activities: (1) a holder of a security interest who takes certain actions concerning transfer, protection, or abandonment of property; and (2) a fiduciary or trustee who acquires ownership or control of a property.