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.

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.