With the NBA’s moratorium on transactions lifted at 12:01 this morning, the NBA announced the 2013 salary cap and luxury tax figures last night.
The 2013-14 salary cap will be $58.679 million, and the luxury tax threshold was set at $71.748 million. Both numbers were slightly higher than the NBA’s most recent projections, which were for the cap to be set at $58.5 million and the tax threshold to be $71.6 million.
The fact that both numbers were slightly higher will benefit both local teams, because they will pay slightly less in luxury taxes this coming season — though the Nets still are expected to finish with a tax bill of more than $70 million if they remain at their current salary level.
All transactions held up by the moratorium went into effect at 12:01 this morning, including free agent signings and sign-and-trades. One prominent trade that didn’t apply, however, is the blockbuster trade between the Nets and Celtics that will bring Paul Pierce and Kevin Garnett to Brooklyn. Because Kris Joseph is unable to be dealt until July 12, the deal won’t be official until Friday.