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The National Basketball Association's salary cap for the 2010-11 season has been set at $58.044 million, the league said on Wednesday.
The tax level has been set at $70.307 million, meaning that any team whose combined salary exceeds that figure will pay a $1 tax for each dollar over the limit.
The disparity between the two figures is to allow teams to meet salary exceptions that may see them exceed the cap.
During the 2009-10 season, the salary cap was $57.70 million and the tax level was $69.92 million.
The new salary cap and tax level go into effect at 0001 ET (0401 GMT) on Thursday, when the NBA's "moratorium period" concludes and teams can begin signing free agents.
The minimum team salary, which is 75 percent of the salary cap, is $43.533 million.
(Writing by Steve Ginsburg in Washington; Editing by Greg Stutchbury. To query or comment on this story email sportsfeedback@thomsonreuters.com)
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