Directs the higher education coordinating board, the state board for community and technical colleges, the office of financial management, the employment security department, and the department of community, trade, and economic development, to work collaboratively to prepare recommended legislation that includes a statutory definition of high demand for use by the legislature and all agencies and institutions that offer postsecondary education, employment preparation, and workforce-related services to business and industry. The recommendations and proposed legislation shall be submitted in a joint report from all agencies listed in this act to the higher education committees in the house of representatives and senate by November 1, 2007.