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Dear mdmike52,
Hope you're well. Gus123's reply was accurate. If the car is in a state that tests for emissions (as part of a yearly or biennial safety/emissions review) - some do not - then you will need to restore missing valve, which is part of the emissions control system.
I believe a missing emissions-control item item will cause the Check engine light to come-on. If so, in many states that light being on will cause the car to fail the test. Even where that's not so, a missing component may be a cause for failure.
If the car is in a state that does not test emissions, then Gus123's answer is right on the money.
Should you want to replace the valve - which sits atop the engine, next to the valve cover - I believe it is part #3507160. At a Volvo dealer, MSRP is about $60.
Hope this helps.
Yours faithfully,
Spook
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