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Yanks’ Luxury Tax Increases $400k to $19.3 Million

New York Yankees
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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.

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Copyright 2012 by The Associated Press. All rights reserved. Material may not be redistributed.

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