Bay State residents earned about 75 cents on every dollar the state gave out in tax credits to film and Hollywood productions, according to new state data, reigniting criticism of the controversial tax incentive.

The latest figures, covering 2014 and released yesterday by the Department of Revenue, show the state’s film tax credit generated $49 million in personal income for Bay Staters that year, but only after paying out $64.5 million in credits to companies making films, TV shows and documentaries in the state.

“The $49 million is key. If I come to you and say, ‘Give me a dollar and I’ll give you 75 cents back,’ do you take the deal?” said Bob Tannenwald, a former economist at the Boston Fed who’s now at the Heller School at Brandeis University.

“Bottom line, all effects taken into account, the film tax credit is a bum deal for the people of Massachusetts. It robs from Peter to pay Paul.”

In all, the tax credit generated about $254 million in new spending in 2014, but the majority of that, roughly $138 million, went to pay out-of-state workers and vendors, according to the state’s 23-page report.

Direct in-state spending in 2014 ultimately was $75.5 million, a high-water mark for the nine-year program, but that doesn’t include other “multiplying” factors, such as cuts made to cover the costs of the credit.

“After taking into account the full impacts,” the report reads, “the film incentive program generated … $49.0 million in personal income.”

Established in 2006 to help draw film projects, the tax credit is a 25 percent transferable rebate filmmakers can earn if they spend at least $50,000 in Massachusetts. It’s helped draw a slew of projects, including in 2015: “Manchester by the Sea,” which got a $1.38 million credit; “Black Mass,” given $12 million; and “Unfinished Business,” a Vince Vaughn-led comedy, granted $5 million, according to a separate state report.

But while lawmakers have long protected it from reform, saying it helps support local businesses, critics have said it’s a poor use of state money, noting that for every job it’s created, the state has spent about $106,000.

“It’s very costly, if that’s what we’re paying per new net job,” said Eileen McAnneny of the Mass. Taxpayers Foundation.

“Certainly, it will be a tight budget (this session), so it might cause folks to look again at it,” McAnneny said.

Gov. Charlie Baker has sought to scrap or scale back the credit in each of his first two years in office, only to face opposition from Democratic leadership in the Legislature.