Let $X$ be a smooth complex projective variety with a holomorphic vector field with isolated zero set $Z$. From the results of Carrell and Lieberman there exists a filtration $F_0 \subset F_1 \subset \cdots$ of $A(Z)$, the ring of $\c$-valued functions on $Z$, such that $\Gr A(Z) \cong H^*(X, \c)$ as graded algebras. In this note, for a smooth projective toric variety and a vector field generated by the action of a $1$-parameter subgroup of the torus, we work out this filtration. Our main result is an explicit connection between this filtration and the polytope algebra of $X$.