Sports

Brooklyn Nets Face Almost $70 Million in Luxury Taxes

[USA Today]

The Brooklyn Nets will have a projected payroll of almost $98 million in the 2013-14 season. (Photo: Brad Penner, USA TODAY Sports)
The Brooklyn Nets will have a projected payroll of almost $98 million in the 2013-14 season. (Photo: Brad Penner, USA TODAY Sports)

The NBA’s salary cap and luxury tax figures are slightly higher in 2013-14 than they were the past three seasons but not high enough to offset some costly tax bills for a few teams next season.

The league released late Tuesday evening that the salary cap will be $58.679 million and the luxury tax will be $71.748 million in 2013-14 – after three consecutive seasons of $58.044 million for the salary cap and $70.307 million for the luxury tax.

This season, for the first time under the new collective bargaining agreement established in 2011 by the league and players, the more punitive expensive luxury tax kicks in.

In previous seasons, teams paid a $1 for every dollar over the luxury tax. Now, teams will pay a $1.50 for every dollar over the tax in the first $4.99 million over the tax level, $1.75 for every dollar between $5 million and $9.99 million over the tax, $2.50 for every dollar between $10 million and $14.99 million over and 3.25 for every dollar between $15 million and $19.99 million. The tax rate increases another 50 cents for each addition $5 million after $20 million.

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