NBA Announces Salary Cap Increase for New Season

The National Basketball Association (NBA) has increased the salary cap by 7.5 percent to an all-time high of $63.065 million for the 2014-15 season, it revealed on Wednesday.

The tax level for the 2014-15 season increased by 7.1 percent to $76.829 million.

The salary cap went into effect on Thursday 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.