To amend the Internal Revenue Code of 1986 to repeal the expansion of certain information reporting requirements to corporations and to payments for property, to impose a surcharge on high income taxpayers, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Tax Relief Act of 
2011''.

SEC. 2. REPEAL OF EXPANSION OF CERTAIN INFORMATION REPORTING 
              REQUIREMENTS TO CORPORATIONS AND TO PAYMENTS FOR 
              PROPERTY.

    Section 9006 of the Patient Protection and Affordable Care Act is 
repealed. Each provision of law amended by such section is amended to 
read as such provision would read if such section had never been 
enacted.

SEC. 3. SURCHARGE ON HIGH INCOME INDIVIDUALS.

    (a) In General.--Subchapter A of chapter 1 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new part:

           ``PART VIII--SURCHARGE ON HIGH INCOME INDIVIDUALS

``Sec. 59C. Surcharge on high income individuals.

``SEC. 59C. SURCHARGE ON HIGH INCOME INDIVIDUALS.

    ``(a) General Rule.--In the case of a taxpayer other than a 
corporation, there is hereby imposed (in addition to any other tax 
imposed by this subtitle) a tax equal to 5.4 percent of so much of the 
modified adjusted gross income of the taxpayer as exceeds $1,000,000.
    ``(b) Taxpayers Not Making a Joint Return.--In the case of any 
taxpayer other than a taxpayer making a joint return under section 6013 
or a surviving spouse (as defined in section 2(a)), subsection (a) 
shall be applied by substituting for the dollar amount therein (after 
any increase determined under subsection (d)) a dollar amount equal 
to--
            ``(1) 50 percent of the dollar amount so in effect in the 
        case of a married individual filing a separate return, and
            ``(2) 80 percent of the dollar amount so in effect in any 
        other case.
    ``(c) Modified Adjusted Gross Income.--For purposes of this 
section, the term `modified adjusted gross income' means adjusted gross 
income reduced by any deduction (not taken into account in determining 
adjusted gross income) allowed for investment interest (as defined in 
section 163(d)). In the case of an estate or trust, adjusted gross 
income shall be determined as provided in section 67(e).
    ``(d) Inflation Adjustments.--
            ``(1) In general.--In the case of taxable years beginning 
        after 2011, the dollar amount in subsection (a) shall be 
        increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for the calendar year in which 
                the taxable year begins, by substituting `calendar year 
                2010' for `calendar year 1992' in subparagraph (B) 
                thereof.
            ``(2) Rounding.--If any amount as adjusted under paragraph 
        (1) is not a multiple of $5,000, such amount shall be rounded 
        to the next lowest multiple of $5,000.
    ``(e) Special Rules.--
            ``(1) Nonresident alien.--In the case of a nonresident 
        alien individual, only amounts taken into account in connection 
        with the tax imposed under section 871(b) shall be taken into 
        account under this section.
            ``(2) Citizens and residents living abroad.--The dollar 
        amount in effect under subsection (a) (after the application of 
        subsections (b) and (d)) shall be decreased by the excess of--
                    ``(A) the amounts excluded from the taxpayer's 
                gross income under section 911, over
                    ``(B) the amounts of any deductions or exclusions 
                disallowed under section 911(d)(6) with respect to the 
                amounts described in subparagraph (A).
            ``(3) Charitable trusts.--Subsection (a) shall not apply to 
        a trust all the unexpired interests in which are devoted to one 
        or more of the purposes described in section 170(c)(2)(B).
            ``(4) Not treated as tax imposed by this chapter for 
        certain purposes.--The tax imposed under this section shall not 
        be treated as tax imposed by this chapter for purposes of 
        determining the amount of any credit under this chapter or for 
        purposes of section 55.''.
    (b) Clerical Amendment.--The table of parts for subchapter A of 
chapter 1 of such Code is amended by adding at the end the following 
new item:

         ``part viii. surcharge on high income individuals.''.

    (c) Section 15 Not To Apply.--The amendment made by subsection (a) 
shall not be treated as a change in a rate of tax for purposes of 
section 15 of the Internal Revenue Code of 1986.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2010.
    (e) Deficit Reduction.--Revenues received pursuant to the 
amendments made by this section shall be deposited in the Treasury and 
used for deficit reduction, except that in the case of a fiscal year 
for which there is no Federal budget deficit (determined after taking 
into account the repeal and amendments made by section 2), such amounts 
shall be used to reduce the Federal debt (in such manner as the 
Secretary of the Treasury considers appropriate).

Summary: Small Business Tax Relief Act of 2011 - Repeals the provision of the Patient Protection and Affordable Care Act that extends to corporations that are not tax-exempt the requirement to report payments of $600 or more.

Amends the Internal Revenue Code to impose a 5.4% surcharge on individual taxpayers whose modified adjusted gross income exceeds $1 million. Dedicates revenues from such surcharge to federal deficit or debt reduction.