Larceny, or theft, is categorized in varying degrees depending on the seriousness of the offense and the severity of penalties upon conviction. The terms petit, grand, and larceny are derived from French, meaning "small," "large," and "theft," respectively. Petit larceny refers to the unlawful taking of property that does not belong to you, with no intention of returning it.

In New York, petit larceny involves property valued at less than $1,000 and is classified as a misdemeanor. A conviction can result in penalties of up to one year in jail. However, certain items—such as firearms—may be charged as grand larceny regardless of their value. Grand larceny is a felony and is divided into several degrees, with penalties ranging from one to twelve years of imprisonment, depending on the circumstances and the value of the stolen property.