The Giants announced the move Wednesday. They also signed guard Eric Herman from their practice squad to replace Taylor on the active roster, and signed defensive back Travis Howard to the practice squad.
Taylor, a fifth-round selection from Richmond last April, appeared in 10 games. He mostly played on special teams and ran back a blocked punt for a touchdown in the Nov. 10 win over Oakland.
Taylor was hurt in the Dec. 8 loss to San Diego and was inactive the last two weeks. He missed three games earlier this season with a shoulder injury.
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