NEW YORK, July 10, 2007 – The National Basketball Association today announced that the Salary Cap for the 2007-08 season will be $55.630 million. The new Cap goes into effect at 12:01 a.m. ET on Wednesday, July 11, when the league’s “moratorium period” ends and teams can begin signing free agents and making trades.

The tax level for the 2007-08 season has been set at $67.865 million. Any team whose team salary exceeds that figure will pay a $1 tax for each $1 by which it exceeds $67.865 million.

The mid-level exception is $5.356 million for the 2007-08 season and the minimum team salary, which is set at 75% of the Salary Cap, is $41.723 million.

For the 2006-07 season, the Salary Cap was set at $53.135 million, the tax level was $65.42 million and the mid-level exception was $5.215 million.