Posted: Tuesday December 18, 2012 10:19 AM

Yanks' luxury tax increases $400k to $19.3 million

Decrease font Decrease font
Enlarge font Enlarge font

NEW YORK (AP) - The New York Yankees' luxury tax bill for this year has gone up by nearly $400,000.

Major League Baseball sent a revised accounting to the team Tuesday, raising New York's payment to $19,311,642 from $18,917,994. The change reflected how one player's salary was accounted for.

New York is the only team to pay the luxury tax this year. The Yankees' final payroll for luxury tax purposes climbed from $222.5 million to $223.4 million.

The Yankees pay at a 42.5 percent rate on the amount over the $178 million threshold. The luxury tax uses average annual values of contracts and includes benefits.

New York's regular payroll - 2012 salaries, earned bonuses and prorated shares of signing bonuses - increased from $223.3 million to a record $224.2 million.

 
SI.com
Hot Topics: NBA Playoffs NHL Playoffs Chris Johnson Jameis Winston NFL Draft Michael Sam Aldon Smith
TM & © 2014 Time Inc. A Time Warner Company. All Rights Reserved.
Terms under which this service is provided to you. Read our privacy guidelines, your California privacy rights, and ad choices.
SI CoverRead All ArticlesBuy Cover Reprint