NEW YORK -- The National Basketball Association today announced that the Salary Cap for the 2013-14 season will be $58.679 million. The tax level for the 2013-14 season has been set at $71.748 million.

The Salary Cap and tax level go into effect at 12:01 a.m. ET on Wednesday, July 10, when the league's "moratorium period" ends and teams can begin signing free agents and making trades.

Beginning with the 2013-14 season, tax rates for incremental spending above the tax level will increase. In previous seasons, any team whose team salary exceeded the tax level paid a $1 tax for each $1 by which it was over the tax level. The new tax rate schedule is below:

• Portion of team salary $0-$4.99 million over tax level: $1.50 for $1
• Portion of team salary $5-$9.99 million over tax level: $1.75 for $1
• Portion of team salary $10-$14.99 million over tax level: $2.50 for $1
• Portion of team salary $15-$19.99 million over tax level: $3.25 for $1
• Rates increase by $0.50 for each additional $5 million of team salary above the tax level.

The minimum team salary, which is set at 90% of the Salary Cap, is $52.811 million for the 2013-14 season.

The current Collective Bargaining Agreement provides for three different mid-level exceptions depending on a team's salary level. The non-taxpayer mid-level for this season is $5.15 million, the taxpayer mid-level is $3.183 million and the mid-level for a team with room under the Salary Cap is $2.652 million.