NBA 2013-14 salary cap at $58.679 million

The National Basketball Association announced today that the Salary Cap for the 2013-14 season will be $58.679 million. The tax level for the season has been set to $71.748 million. The figures are slightly higher than last season’s numbers. In 2012-13 the salary cap was $58 million and the luxury tax threshold was set at $70.3 million. The NBA 2013-14 free agency moratorium has officially been lifted as of 00:01 ET. Free agents and teams can now officially put pen to paper and sign new contracts.

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

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 Los Angeles Lakers are set to be the top payers of luxury tax this coming season. Here is a list of the teams paying luxury taxes.