The 34-year-old attacker originally joined Rovers at the end of October on a short-term deal until the end of the year and made a great start with the opening goal against then league leaders Forest Green Rovers.
The forward had been without a club since his release by Barclays Premier League side Leicester City at the end of last season.
Twice promoted into England's top flight with Blackpool and then Leicester, Taylor-Fletcher brings a lot of experience and has scored more than 100 goals in his career to date.