Taiwan PLUS Act This bill provides Taiwan with preferential treatment when receiving U.S. defense articles and services. Specifically, Taiwan shall be subject to the requirements and procedures that apply to certain U.S. partners and allies, such as North Atlantic Treaty Organization (NATO) member countries, South Korea, and Australia. Under this bill, certain defense transfers to Taiwan shall be subject to less stringent requirements, such as shorter waiting periods and higher minimum value thresholds before various oversight requirements kick in. Taiwan shall also be eligible to receive certain fee reductions and waivers related to defense transfers. Taiwan shall receive such treatment for the five-year period starting from this bill's enactment, and the Department of State may extend this treatment for additional five-year periods if doing so would support U.S. national security interests.