NEW YORK, July 9, 2008 – The National Basketball Association today announced that the Salary Cap for the 2008-09 season will be $58.680 million. The new Cap goes into effect immediately as the league’s “moratorium period” has ended and teams can begin signing free agents and making trades.

The tax level for the 2008-09 season has been set at $71.150 million. Any team whose team salary exceeds that figure will pay a $1 tax for each $1 by which it exceeds $71.150 million.

The mid-level exception is $5.585 million for the 2008-09 season and the minimum team salary, which is set at 75% of the Salary Cap, is $44.010 million.

For the 2007-08 season, the Salary Cap was set at $55.630 million, the tax level was $67.865 million and the mid-level exception was $5.356 million.