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NBA sets salary cap for 2014-'15 at a record $63.1 million

The NBA announced Wednesday that the salary cap for the 2014-15 season will be $63.065 million, a 7.5 percent increase from last season and the highest on record.

The luxury tax threshold, beyond which teams are penalized with various severity for exceeding, will be $76.829 million, the league said. The numbers are in line with what teams have been estimating as they have made deals with free agents since the negotiating period began July 1.

The new thresholds take effect at 12:01 a.m. ET Thursday, when players can officially sign contracts and trades that have been consummated can officially be completed.

The mid-level exception for non-taxpaying teams will be $5.305 million, and for taxpaying teams it will be $3.278 million. The exception for teams that are under the cap will be $2.732 million.

In the first two seasons of the 2011 CBA, the cap held steady at $58.044 million. It increased only 1 percent last season, to $58.679 million. The cap is calculated based on league revenues.

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