POSTED: Jul 9, 2014 5:07 PM ET
NEW YORK — The National Basketball Association announced Wednesday that the salary cap has increased by 7.5 percent to an all-time high of $63.065 million for the 2014-15 season. The tax level for the 2014-15 season increased by 7.1 percent to $76.829 million.
The salary cap and tax level go into effect at 12:01 a.m. ET on Thursday, July 10, when the league's "moratorium period" ends and teams can begin signing free agents and making trades.
The minimum team salary, which is set at 90 percent of the salary cap, is $56.759 million for the 2014-15 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 $5.305 million, the taxpayer mid-level is $3.278 million and the mid-level for a team with room under the Salary Cap is $2.732 million.