The NBA salary cap increased 7.5 percent to an all-time high of $63.065 million for the 2014-15 season, the league announced Wednesday.

The salary cap for the 2013-14 season was $58.679 million.

The tax level for the 2014-15 season increased 7.1 percent to $76.829 million. The Brooklyn Nets will pay a record $90.57 million in luxury taxes for this past season, ESPN.com reported.

The salary cap and tax level go into effect at 12:01 a.m. ET on Thursday when the league's "moratorium period" ends and teams can begin signing free agents and making trades.

The minimum team salary, which is set at 90 percent of the salary cap, is $56.759 million for the 2014-15 season.

The current collective bargaining agreement provides for three different mid-level exceptions depending on a team's salary level. The non-taxpayer mid-level for this season is $5.305 million, the taxpayer mid-level is $3.278 million and the mid-level for a team with room under the salary cap is $2.732 million.

The Nets paid more than $197 million in salaries last season after acquiring veterans Paul Pierce and Kevin Garnett in a deal with the Boston Celtics. Since the luxury tax was instituted in 2001, only three games paid more than $90 million in tax.

Four teams in addition to the Nets will pay luxury taxes for the past season: New York Knicks ($36.3 million), Miami Heat ($14.4 million), Los Angeles Lakers ($8.9 million) and Los Angeles Clippers ($1.3 million).