Neural codec language model (LM) has demonstrated strong capability in zero-shot text-to-speech (TTS) synthesis. However, the codec LM often suffers from limitations in inference speed and stability, due to its auto-regressive nature and implicit alignment between text and audio. In this work, to handle these challenges, we introduce a new variant of neural codec LM, namely TacoLM. Specifically, TacoLM introduces a gated attention mechanism to improve the training and inference efficiency and reduce the model size. Meanwhile, an additional gated cross-attention layer is included for each decoder layer, which improves the efficiency and content accuracy of the synthesized speech. In the evaluation of the Librispeech corpus, the proposed TacoLM achieves a better word error rate, speaker similarity, and mean opinion score, with 90% fewer parameters and 5.2 times speed up, compared with VALL-E. Demo and code is available at https://ereboas.github.io/TacoLM/.