NEW YORK, July 7, 2010 – The National Basketball Association today announced that the Salary Cap for the 2010-11 season will be $58.044 million. The tax level for the 2010-11 season has been set at $70.307 million. Any team whose team salary exceeds that figure will pay a $1 tax for each $1 by which it exceeds $70.307 million. The 2009-10 Salary Cap was $57.70 million and the tax level was $69.92 million. The new Salary Cap and tax level go into effect at 12:01 a.m. ET on Thursday, July 8, when the league’s "moratorium period" ends and teams can begin signing free agents and making trades. The mid-level exception is $5.765 million for the 2010-11 season and the minimum team salary, which is set at 75% of the Salary Cap, is $43.533 million.The NBA sets the cap. Via the awesomely upgraded former Wolves web guru Mike Trudell. This is about $1.5-3 mil more than expected.