NBA salary cap increases to $58.679 million

The NBA's salary cap and tax level both saw a bump up from last season.

The league's salary cap for the 2013-14 season will be set at $58.679 million, while the tax level is fixed at $71.748 million.

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

Last season, the cap was $58.044 million and the tax level was $70.307 million.

Starting this season, the tax rates for incremental spending above the tax level will increase. That is a difference than previous years when any team that exceeded the tax level paid a $1 tax for each $1 by which it was over the tax level.

Instead, this coming season teams that are up to $4.99 million over the tax level will pay a penalty of $1.50 for every $1 over the threshold. Teams $5 million - $9.99 million will pay $1.75 for every $1, Teams $10-$14.99 million over will pay $2.50 for every $1 spent; $15-$19.99 will go $3.25 for each $1, and rates will increase by $.50 for each additional $5 million of team salary above the tax level from that point going forward.

Each team must carry a minimum salary of 90 percent of the cap, which is $52.811 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 $5.15 million, the taxpayer mid-level is $3.183 million and the mid-level for a team with room under the Salary Cap is $2.652 million.