Straw Purchaser Penalty Enhancement Act - Amends the federal criminal code to provide for an additional sentence of two years' imprisonment for violating the prohibitions against making false statements or misrepresenting identification regarding the acquisition of a firearm or ammunition: (1) knowing that the violation will further the transfer of two or more firearms to a person prohibited by law from shipping, transporting, possessing, or receiving a firearm; and (2) with the intent to conceal such person's identity from the transferor.

Prohibits the court from: (1) placing any person convicted of such violation on probation; and (2) reducing a term of imprisonment for such a violation so as to compensate for, or otherwise take into account, a term of imprisonment imposed or to be imposed for a separate such violation. Prohibits a term of imprisonment imposed under this Act from running concurrently with a term imposed on the person under any other legal provision, except that a term imposed may, in the court's discretion, run concurrently with another term imposed by the court at the same time for a separate such violation, subject to applicable guidelines and policy statements issued by the United States Sentencing Commission. Requires the court to specify in its statement of the reasons for imposing a sentence for such a violation the factors that require any sentence below the statutory minimum.

Directs the Attorney General to issue regulations requiring any form required to be completed by the purchaser of a firearm from a licensed firearms dealer to include a notice of the provisions of this Act.