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NBA salary cap increases to $63.065 million

<p>The NBA's salary cap and tax level both saw a jump up from last season.</p>

New York, NY (SportsNetwork.com) - The NBA's salary cap and tax level both saw a jump up from last season.

The league's salary cap for the 2014-15 season will be set at an all-time high of $63.065 million, while the tax level is fixed at $76.829 million. The cap went up 7.5 percent, while the tax level increased by 7.1 percent.

The salary cap and tax level were due to go into effect at 12:01 a.m. ET Thursday when the league's moratorium period ends and teams can officially begin signing free agent players and making trades.

Last season, the cap was $58.679 million and the tax level was $71.748 million.

Each team must carry a minimum salary of 90 percent of the cap, which is $56.759 million for the upcoming season.

There are 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.

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