The U.S. Ambassador-at-Large for War Crimes Issues Stephen Rapp made the announcement Thursday in Sierra Leone's capital.
Taylor, the former president of neighboring Liberia, is accused of funding Sierra Leonean rebels infamous for hacking off the lips, ears and limbs of their victims. Taylor has denied the allegations.
The court relies on voluntary contributions from governments, and Rapp has said the process has been complicated by the global economic crisis.
(This version CORRECTS to $7.5 million more in headline.)