On commutative algebra associated to $t$-labeled subforests of a graph

For a given graph $G$, we construct an associated commutative algebra, whose dimension is equal to the number of $t$-labeled forests of $G$. We show that the dimension of the $k$-th graded component of this algebra also has a combinatorial meaning and that its Hilbert polynomial can be expressed through the Tutte polynomial of $G$.