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NBA Salary Cap Hits All-Time High $63.1 Million

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(Photo by Andrew D. Bernstein/NBAE via Getty Images)

(Photo by Andrew D. Bernstein/NBAE via Getty Images)

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 NEW YORK (AP) – The NBA has set the 2014-15 salary cap at $63.1 million, an all-time high, paving the way for contracts to be signed.

Deals can become official starting at 12:01 EDT on Thursday. Players and teams could agree to contracts starting July 1, but they couldn’t be signed during the moratorium period.

The cap is a 7.5 percent increase from last season’s $58.7 million.

The league also says Wednesday that the tax level jumped 7.1 percent to $76.8 million. Teams exceeding that will have to pay a luxury tax.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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