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NBA sets salary cap for 2012-13 season

Amar'e Stoudemire of the New York Knicks in

Amar'e Stoudemire of the New York Knicks in action against the Sacramento Kings. (Feb. 15, 2012) (Credit: Getty Images)

Here is the press release from the NBA regarding the salary cap for next season:

The National Basketball Association today announced that the Salary Cap for the 2012-13 season will be $58.044 million.

The tax level for the 2012-13 season has been set at $70.307 million. Any team whose team salary exceeds that figure will pay a $1 tax for each $1 by which it exceeds $70.307 million.

The Salary Cap and tax level, both of which are unchanged from 2011-12 amounts, go into effect at 12:01 a.m. ET on Wednesday, July 11, 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 85% of the Salary Cap, is $49.337 million for the 2012-13 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 $5.0 million, the taxpayer mid-level is $3.09 million and the mid-level for a team with room under the Salary Cap is $2.575 million.

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