The Nottinghamshire and England batsman??has impressed having been handed his chance at international level and averages 44.1 from his 12 ODI???s to date.
He narrowly missed out on a maiden England hundred in the 111-run World Cup defeat to co-hosts Australia.
Taylor earned the deal under the ECB???s points system, with an increment contract being awarded automatically once he reached 20 points during the 12-month contract period.
Five points are awarded for a Test appearance and two for a T20 or ODI appearance.
Taylor???s five ODIs against Australia and India during the recent tri-series and an ODI defeat against Australia in the opening of the ICC Cricket World Cup 2015 therefore ensured the 25-year-old earned a contract.