Taylor, who played at the K Club in 2006 but has not had a PGA Tour win since 2005, recorded five birdies in a flawless round to sit on 10 under in the clubhouse alongside fellow American Paul Stankowski and Argentinean Fabian Gomez who fired a stunning 64.
American Troy Matteson was also on 10 under but had two holes of his second round yet to play.
Much of the field had to finish their first rounds on Friday morning after play was abandoned on Thursday at 2pm local time due to storms and first-round leader Daniel Summerhays was yet to start his second round on nine under.
He was joined one shot off the lead by fellow Americans Jim Herman and Kyle Reifers who had completed 16 and 13 holes of their second rounds respectively.
It was a congested leaderboard at Annandale with William McGirt and Cameron Beckman in the clubhouse on eight under and Brad Fritsch and Chris Riley on the same score as they came to the end of their rounds.