Under the bill as it's formulated, before the amendment, the refund mechanism, in essence, is through the dividend tax credit. The dividend tax credit is a non-refundable credit, and as a result, if an individual were to have insufficient tax to absorb the whole of the dividend tax credit, the person would be entitled to a lesser refund than the full amount of tax paid at the trust level.
If I understand the proposal correctly, in that circumstance, a tax refund would be paid out through the tax system to the investor. That would reduce government revenues, again, not only because of the 10% tax being less than 30%, but also because of the refund being essentially refundable.
I can't say that in either of those circumstances it increases the tax. What it does do is potentially reduce the tax on the one side and potentially increase a refund in circumstances when it might not otherwise be available on the other.