Land Recycling Act of 1997

Land Recycling Act of 1997 - Prohibits, with exceptions, the President and any person other than a State from using authorities of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) or the Solid Waste Disposal Act to commence an administrative or judicial action with respect to a release or threatened release at a facility that is, or has been, the subject of a voluntary response plan in a State that: (1) certifies that it has enacted a program established to allow a person to respond voluntarily to the release or threatened release of hazardous substances at a facility; and (2) notifies the Administrator of the Environmental Protection Agency that a plan for voluntary response at a particular facility is being implemented under such program. Authorizes the Administrator to gather information regarding facilities subject to a voluntary response program but only for purposes of determining whether a facility qualifies for listing on the National Priorities List. Exempts facility remediation activities undertaken pursuant to a voluntary response plan from Federal permit requirements.

(Sec. 3) Amends CERCLA, with respect to defenses to liability of an owner of after-acquired property, to deem a person to have made (under current law, "undertaken") appropriate inquiry into the property's previous ownership and uses if the person establishes that an environmental site assessment was conducted which meets specified requirements (compliance with an American Society for Testing and Materials standard or with standards issued by the Administrator) and the person fulfills certain responsibilities concerning information compilation.

(Sec. 4) Absolves from liability for response actions bona fide prospective purchasers to the extent liability at a facility for a release or threat thereof is based solely on ownership or operation of a facility. Gives a lien upon a facility to the United States for unrecovered response costs in any case in which there are such unrecovered costs for which the owner is not liable by reason of this Act and the facility's fair market value has increased above that which existed six months before the action was taken.