The league has announced a new salary cap of $58.679MM, according to several NBA reporters, including the Boston Globe's Gary Washburn. The luxury tax will be $71.748MM.
Both figures are up from last season, when the salary cap was $58.044MM and the luxury tax was $70.307MM. Larry Coon of ESPN.com's twitter timeline is full of new information with regards to how the tax and cap affect exceptions and maximum and minimum salaries.
More information has been provided by ESPN.com.