The NBA salary cap for the 2013-14 season will be set at $58.679 million, the league announced on Tuesday.
The luxury tax threshold will be $71.748 million, and both numbers will go into effect at 12:01 a.m. on July 10 when the NBA's free agency moratorium period comes to an end.
The news comes on the eve of the July 10 free agent signing period when teams and free agents can officially come to terms on new contracts and general managers can begin to consummate trades. Teams around the league have already agreed with players in principle on new contracts and only need to go through the formality of putting pen to paper in order to finalize their respective deals.
One example of such is the offseason's most targeted free agent, Dwight Howard, who announced on July 5 that he intended to sign a long-term contract with the Houston Rockets.
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