NEW YORK – The National Basketball Association today announced that the Salary Cap has increased by 7.5% 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% 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% 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.