CA AB1603

Reduces the threshold for petty theft from $950 to $400, making theft under $400 a misdemeanor instead of grand theft.

Lowers the shoplifting threshold from $950 to $400, defining shoplifting as entering a commercial establishment during business hours with intent to take property not exceeding $400.

Changes language in Section 459.5 to prohibit charging a person with both shoplifting and burglary or theft for the same property.

Amends grand theft statutes to apply the $400 threshold to employee theft from employers and maintains existing exceptions for farm products, aquacultural products, firearms, and property taken from a person's body.

Requires voter approval through statewide election to become effective, as it modifies Proposition 47.