petty larceny

petty larceny n. a term used in many states for theft of a small amount of money or objects of little value (such as less than $500). It is distinguished from grand larceny which is theft of property of greater worth, which is a felony punishable by a term in state prison. Petty larceny is a misdemeanor punishable at maximum with a term in the county jail. States which only use the term "larceny," often treat theft of a smaller amounts as a misdemeanor in sentencing.