NBA Sets 2013-2014 Salary Cap, Luxury Tax Figures

On Tuesday the NBA announced that the 2013-14 salary cap will be $58.7 million, the luxury tax line will be $71.7 million and the salary cap floor will be $52.8 million.

via Ben Golliver, Sports Illustrated:

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.

Additionally, the 2013-14 non-taxpayer mid-level exception will be $5.2 million, the taxpayer mid-level exception will be $3.2 million and the mid-level for a team with room under the cap will be $2.7 million.

The new figures will go into effect at 12:01 a.m. ET Wednesday once the NBA’s free agency moratorium is officially lifted. Teams have been able to talk to and negotiate contracts with players since July 1 but will not be able to officially consummate those deals until Wednesday.

Next season also marks the beginning of the new harsher luxury tax system, which includes graduated tax levels for teams that vastly exceed luxury tax line.  Last season there was a simple dollar-for-dollar tax for salaries above the luxury tax line.  Here is a breakdown of the new brackets.

• 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.