The NBA announced Tuesday its official salary cap and luxury tax line numbers for the 2013-14 season.
Here's the release, which also includes details on the new graduated luxury tax system.
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:
The minimum team salary, which is set at 90% of the Salary Cap, is $52.811 million for the 2013-14 season.
- · 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 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.
The numbers are up slightly from the 2012-13 figures. Last season, the salary cap was set at $58 million and the luxury tax line was set at $70.3 million.
Marc Stein of ESPN.com reports this year's tax-paying teams.
The Lakers, according to official league figures obtained by ESPN.com, will be forced to pay $29,259,739 in luxury tax. ...
The figures distributed late Tuesday to the league's 30 teams reveal only five other teams facing tax bills for the 2012-13 payrolls. They are: Miami ($13,346,242), Brooklyn ($12,883,647), New York ($9,962,406), Chicago ($3,932,336) and Boston ($1,181,640).
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